BLive, the popular EV store announced a $1M fundraise, on Wednesday.
The funding was part of the follow on capital of Pre-series A round. LetsVenture, Mumbai Angels, JITO and Credit Wise Capital were the leading investment platforms that led the funding. It was a combination of both debt and equity.
The EV market in India has a promising scope and multitude of opportunities, though it entails a certain degree of ambition. However, India’s potential to wear the label of leading EV market cannot be overruled. It is within the framework of this underlying potential that ventures like BLive find a fertile working ground. This also justifies the immense levels of capital investments in this field, since foresight can often prove to be a valuable tool in business.
What is Pre- Series A round Funding ?
Pre- Series A round is a significant element of startups looking for Series A funding. It is usually done before Series A funding, following Seed funding which is the primary round of funding.
When the founders are unable to raise Series A funding or in situations where they intend to postpone the same to achieve certain milestones, Pre series A is opted.
BLive: All you need to know
BLive, founded in 2018 by Samarth Kholkar and Sandeep Mukherjee, is an EV experience store that works on the basic principle; sustainable tourism in India. BLive has established its place in market over a short span of time. It has made its presence felt in 15 cities across nine states in India. Added to its credit are 10000 eBike tours and the prestigious label of tourism partner of Goa Tourism.
The company launched an online marketplace in 2020 offering e cycles and e scooters spanning over a wide array of brands. Hero Electric, Ampere, Hero Lectro, Go Zero to name a few. Its recent venture to promote the adoption of electronic vehicles, ‘Exchange and Upgrade Program’ has been displaying considerable momentum. In less than 3 months, BLive has made deliveries across 25 cities
The startup foresees a considerable growth potential, up to 3x the present rate, due to the demand surge for domestic tourism post pandemic.
This growth potential and space for growth qualifies BLive to be a suitable recipient of the funding. According to the founder of LetsVenture, Shakti Mohan,
“With India’s potential to be the next EV market leader of the world, we want to ensure that we support startups like BLive, who provide a completely unique way to users of experiencing and owning two-wheeler EV’s. Boost in domestic travel and growth in the EV category presents BLive a great opportunity to grow and expand to bigger markets.”
India’s potential to be the largest EV market in the world cannot be overruled. Within this framework, startups like BLive find working ground to progress and grow into a promising industry.