- Starya Mobility is aiming to make its product ready for commercialization in terms of product and sales strategies.
- The EV market in India is expected to reach over 6.3 million units mark per year by 2027, according to a report IESA.
- The startup is planning to convert 20000 scooters in the next 18-24 months.
Bengaluru-based clean mobility and electric vehicle (EV) startup Starya Mobility has raised $245K (Rs 1.8 crore) in an angel round led by Mumbai-based early-stage investor ah! Ventures angel platform, a platform by ah! Ventures, which helps startups raise upto $1 million in funding.
Through this round, ah! Ventures total investment amount in the startups stands at Rs 206 crore with 10 exits to date. So far, It has invested in Ketto, Wizgo, Lumos, Hashcube, Aisle, Eywa Media, Unocoin, Newsbyte, among several other startups. Meanwhile, the firm is also planning to invest more than Rs 150 crore this year.
The investment came within the first month of the Starya Mobility launch on ah! Ventures First Gear platform, which aims to help startups raise up to Rs 1 crore in funding.
Founded in 2018 by Ravikumar Jagannath, Starya Mobility Pvt. Ltd. vision is to be the most preferred green mobility solution provider in the country by developing affordable and reliable cutting edge technology.
The startup’s first offering being a patented electric propulsion kit that can convert gearless IC engine scooters into electric without any deterioration in performance at less than half the cost and 1/3 running cost of its IC engine counterpart equipped with a swappable battery pack that can be swapped at more than 200+ outlets, the statement said.
Commenting on the development, Ravikumar Jagannath, Managing Director, Starya Mobility, said, “Thanks to ah! Ventures, for being amongst the very first external institute to have confidence in our solution. We believe in the power of common sense and how it’s a common thread between all stakeholders, internal & external alike. The holistic solution we are offering made sense to the consumer and we are happy to see investors upholding the same belief.”
It is aiming to make its product ready for commercialization in terms of product and sale strategies. “We want to kind of conduct a miniature model of revenue generation by releasing 60-70 beta bikes before actual mass production to overcome and fine-tune various bottlenecks one encounters while launching an in-house product, he said.
The startup will initially solve the teething problems and later then will look into converting a minimum of 20,000 scooters in the next 18-24 months.
Speaking on the investment, Amit Kumar, Partner, ah! Ventures, said, The EV space is poised for a huge leap in the future, and needless to mention the future is green. I am sure with the team’s execution ability it will be greener for a better India and a brighter world.”