Tollywood actor joins EV startup BikeWo as strategic investor, brand ambassador, Auto News, ET Auto

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 The company has a target of "installing 20,000 EV charging points pan-India by 2025”.
The company has a target of “installing 20,000 EV charging points pan-India by 2025”.

New Delhi: Hyderabad-based BikeWo on Monday said it has partnered with Tollywood actor Venkatesh Daggubati. He has become a strategic investor in the company with an undisclosed amount of investment, and the company’s brand ambassador, the company said.

Founded in June 2021, the startup is working to lay the infrastructure for EV battery swapping and charging points. It informed that currently it has set up 25 EV charging and servicing centres across Telangana and Andhra Pradesh. Further, it is targeting to set up around 250 such outlets in the next few months.

The company has a target of “installing 20,000 EV charging points pan-India by 2025”.

Vidhyasagar Reddy, co-founder and chief operating officer, BikeWo, said, “Venkatesh’s faith and trust in BikeWo are an inspiration for us, and going forward, we will be working closely with him on a number of strategic aspects. Furthermore, his association with the brand marks a whole new chapter in BikeWo’s commitment to young Indians in the realization of their dreams and aspirations by serving simple and delightful two-wheeler service experiences, creating infrastructure for EV with battery swapping and charging points, and enabling entrepreneurship opportunities to BikeWo’s ever-growing network of dealer-partners.”

Venkatesh Daggubati said, “I am elated to be a part of BikeWo’s journey of making the EV bike sector more organized and providing a better user experience. BikeWo is a brand that stands out in the EV space not only by laying infrastructure for EV 2W charging and servicing, but also by encouraging and creating entrepreneurs, especially women entrepreneurs, through its unique franchise network.”

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ETAuto Research shows that funding to Indian EV tech startups hit an all-time high in 2021, nearly reaching USD 444 million (INR 3,307 crore) across more than 25 deals, despite the pandemic worry, which is 255% higher than that of funds raised in 2020. Moreover, that’s even 12% higher than the pre-pandemic year 2019 when EV startups raised about USD 397 million.

Led by high speed scooters that recorded an over 5 fold jump, nearly 2.34 lakh electric two wheelers were sold in the country in 2021. But that is just a precursor to 2022 when sales are expected to grow upto 6 times as a clutch of new entrants like Ola Electric, Simple Energy, Bounce Infinity, Tork Motors and Ultraviolette make their presence felt. All this while the traditional two wheeler segment is struggling for growth like never before.