Exclusive: Multi-brand electric two wheeler leasing platform Welectric raises angel funding

Exclusive: Multi-brand electric two wheeler leasing platform Welectric raises angel funding
Welectric team
23 Nov, 2020

Easetronics, which operates multi-brand, omnichannel sales and lease rental platform for electric two-wheelers Welectric, has raised an undisclosed amount of angel funding from a clutch of individual investors, a person in the know told TechCircle. 

Hemalatha Annamalai, founder of electric two wheeler manufacturing company Ampere (acquired by engineering company Greaves Cotton); Ashish Patil of Nalanda Capital; Ramasubramanian Balasubramanian, co-founder and CEO of Simplr Solutions; and angel investors Sanjay Sunku, Rambabu Pallavalli, and Vinay Trivedi participated in this round.

Founded by Vikas Jain and Tamilselvan Subramanian, Welectric aims to make electric two wheeler ownership more flexible and convenient.  It’s a digital platform for sales, finance, maintenance and aftermarket of multi-brand electric two wheelers.

It offers electric scooters with detachable batteries (Lithium ion batteries) from leading manufacturers with a range of 55 to 110 kilometers. Its lease rental offers cover preventive and corrective maintenance; doorstep maintenance; and interim vehicle replacement.

The Bengaluru based startup has started offering comprehensive multi-brand lease rental solutions to last mile delivery operators. Its clients include Licious and Ninjacart.

Welectric was part of the NSRCL Launchpad program earlier this year.

“The transition to electric two wheelers will be one of the biggest mega trends of the 2020s in India, akin to what happened with smartphones in 2010s. In the next 10 years electric two wheelers will not just replace all new two wheeler sales but also expand the market due to their lower total cost of ownership, which will further come down in the next few years,” Jain said.

The two-wheeler EV market has been attracting significant investor interest of late. Early this month, Ather Energy raised $35 million in a growth round, led by Flipkart co-founder Sachin Bansal while returning investor TVS Motor Company invested $4 million in Ultraviolette Automotive in September. 

Ola Electric, which acquired Amsterdam-based electric scooter manufacturer Etergo in May, is said to be aggressively working to launch its first vehicle in the first quarter of next year.

Greaves Cotton acquired Bestway Agencies, a Haryana-based company that develops and makes electric vehicles in July. The company, which manufactures engines and heavy equipment, completed the acquisition of Ampere Vehicles in November last year.

Comment(s)