ezBike raises $1 Million in Pakistan‘s: ezBike, a vertically- integrated electric mobility startup, announced that it has raised $1 million in pre-seed. Capital to accelerate the transition to Electric Vehicles (EVs) in Pakistan. Walled City, GroundUp, and leading angles in the United States, including a prominent tech billionaire.
The funds will be used to build a comprehensive ecosystem for electric two-wheelers. Including an electric scooter assembly facility, and low-cost lithium-ion battery production. And a network of battery swapping stations. The company will begin offering electric scooters for sale this summer and plan to initially pilot its solution with one of Pakistan’s leading delivery companies.
Founded as Pakistan’s first electric scooter sharing service by Muhammed Hadi, a former investment banker, and Alo Moeen. A software executive, exBike has onboarded over 100,000 customers and become a household brand in its home city of Islamabad. The success of its electric scooter sharing model was demonstrated. The broader need for affordable and green transportation in Pakistan gave ezBike the experience necessary to address it.
“with 22m legacy motorcycles, Pakistan represents a $20B market opportunity for two-wheeler electric vehicles. And skyrocketing petrol prices and air pollution rates make the need to transition to EVs urgent”. Said ezBike’s co-founder and CEO, Muhammad Hadi. “Up until now, that transition hasn’t been possible because Evs were too expensive”. But our proprietary solution will allow consumers to purchase electric scooters for 80% the price of comparable petrol motorcycles and operate them for 50% the cost. This will revolutionize the market.
In building its Ev ecosystem, ezBike is leveraging its infrastructure and expertise. It has developed its scooter-sharing service. “Our experience assembling, operating and maintaining electric scooters and battery swapping stations at scale. Since 2020 has made us uniquely well-positioned to drive the transition to Evs in Pakistan”. Said Ali Moeen, co-founder and CTO/COO of exBike. We have developed extensive operations. Expertise and built a variety of proprietary software and hardware solutions to optimize performance and customer experience.
Pakistan is currently facing a national climate change and air pollution emergency. It was recently ranked as having 2nd worst air quality in the world and has seen. Rapidly worsening smog and respiratory illnesses in major urban centers during recent years. The World Bank estimates annual economic losses to the Pakistan economy caused by ambient air pollution to exceed $1B. With an estimated 65% of emissions attributable to transport and motorcycle being by far the biggest offenders. There is an urgent need to drive the transition to electric scooters. In fact, each motorcycle replaced will remove an astounding 300kg of carbon emissions annually.