An electric mobility startup, ezBike, has raised $1 million in pre-seed finance to aid Pakistan’s shift to electric vehicles (EVs).
According to a statement, i2i Ventures, Walled City, GroundUp, and notable angel investors in the US, including a prominent tech millionaire, participated in the round.
“The funds will be used to create a comprehensive ecosystem for electric two-wheelers, including an electric scooter assembly facility, low-cost lithium-ion battery production, and a network of battery swapping stations,” according to the announcement.
The startup wants to start selling electric scooters this summer and will first test its solution with one of Pakistan’s largest delivery companies.
ezBike, Pakistan’s first electric scooter sharing service, was founded by Mohammad Hadi, a former investment banker, and Ali Moeen, a software expert, according to the statement.
“With 22 million legacy motorcycles, Pakistan represents a $20 billion market opportunity for two-wheel electric vehicles, and rising gasoline prices and air pollution levels make the transition to EVs urgent,” said Mohammad Hadi, co-founder, and CEO of ezBike.
“Until now, that transition has been impossible due to the high cost of electric vehicles, but our proprietary solution will allow consumers to buy electric scooters for 80% less than comparable gasoline-powered motorcycles and operate them for 50% less.” This will completely transform the market.”
Pakistan has lately been listed as having the world’s second-worst air quality, with rapidly deteriorating smog and respiratory diseases in major cities. The World Bank estimates that yearly economic losses caused by ambient air pollution in Pakistan exceed $1 billion.
The announcement comes as Pakistan seeks to increase the share of electric automobiles on the domestic market. Experts, on the other hand, feel that any player making inroads will require considerable infrastructure.