ezBike, a vertically integrated electric mobility startup, said today that it has raised $1 million in pre-seed finance to help Pakistan migrate to electric vehicles.
i2i Ventures, Walled City, GroundUp, and significant angel investors in the United States, including a prominent tech millionaire, participated in the round. The money will be used to create a comprehensive electric two-wheeler ecosystem, which will include an electric scooter assembly factory, low-cost lithium-ion battery manufacture, and a network of battery switching stations. 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 business, was founded by Mohammad Hadi, a former investment banker, and Ali Moeen, a software executive, and has over 100,000 customers and has become a household name in Islamabad. The success of its electric scooter sharing model highlighted the wider demand for economical and environmentally friendly transportation in Pakistan, and provided ezBike with the required knowledge to meet it.
“With 22 million legacy motorcycles, Pakistan provides a $20 billion market opportunity for two-wheel electric vehicles, and rising gasoline prices and air pollution levels make the move to EVs imperative,” said Mohammad Hadi, co-founder and CEO of ezBike. “Until now, that move has been impossible due to the high cost of electric vehicles, but our innovative solution will allow people to buy electric scooters for 80% less than identical petrol motorcycles and operate them for 50% less.” This will completely transform the market.”
“With 22 million legacy motorcycles, Pakistan provides a $20 billion market opportunity for two-wheel electric vehicles, and rising gasoline prices and air pollution levels make the move to EVs imperative,” said Mohammad Hadi, co-founder and CEO of ezBike. “Until now, that move has been impossible due to the high cost of electric vehicles, but our innovative solution will allow people to buy electric scooters for 80% less than identical petrol motorcycles and operate them for 50% less.” This will completely transform the market.”
Pakistan is currently experiencing a national emergency due to climate change and air pollution. It was recently listed as having the world’s second-worst air quality, with smog and respiratory ailments significantly deteriorating in major cities in recent years. The World Bank estimates that yearly economic losses caused by ambient air pollution in Pakistan exceed $1 billion. With transportation accounting for approximately 65 percent of emissions and motorcycles being by far the worst offenders, there is a pressing need to accelerate the transition to electric scooters. In reality, each motorcycle replaced will reduce carbon emissions by 300 kg each year.
“We are proud to back the ezBike founders as they focus on addressing the urgent and significant issue of climate change and pollution in Pakistan, while providing consumers affordable options to purchase and operate electric scooters,” said Misbah Naqvi, co-founder and general partner at i2i Ventures. We are thrilled about Hadi and Ali’s future plans since they have proven a profound understanding of the EV opportunity and how to satisfy the needs of the Pakistani consumer.”