Exclusive: Baaz Bikes to raise fresh funds from existing investors

Full-stack electric vehicle ecosystem for gig workers, Baaz Bikes is raising Rs 19 crore ($2.2 million) in its extended Series A round from its existing investors, including Big Capital, Rakuten Capital, and Kalaari Capital.

The board at Baaz Bikes has passed a special resolution to issue 2,521 preference shares at an issue price of Rs 75,716 each to raise Rs 19.08 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows.

Big Capital will be leading the round with an investment of Rs 8.36 crore, while Rakuten Capital and Kalaari Capital will be investing Rs 5.86 crore and Rs 4.35 crore, respectively. Preetinder Singh Panjrath (CFO of Big Capital) will also contribute Rs 50 lakhs during the fresh proceeds.

According to the startup data intelligence platform TheKredible, the company will be valued at around Rs 278 crore or $32.29 million post-money.

The company has raised $12 million to date, including its $8 million Series A round led by Big Capital in 2023. Kalaari Capital is the largest external stakeholder with 24.80%, followed by Big Capital and Rakuten Capital, which command 11.30% and 8.06% respectively.

Founded by Anubhav Sharma and Shubham Srivastava, Baaz Bikes provides subscription based scooters to gig workers at firms like Zomato, Zepto, Swiggy, and Amazon. The subscription covers multiple battery swaps in a month.

The company has yet to file its annual results for FY25. However, its revenue from operations was recorded at Rs 3.76 crore in FY24, with a loss of Rs 8.47 crore during the fiscal year ended in March 2024.