BGauss, an electric two-wheeler maker, has raised Rs 161 crore (USD 18.6 million) in finance from the Bharat Value Fund. The round comprises a mix of main and secondary financing. Previously, the company raised Rs 52 crore, which comes to about USD 6 million, from a group of investors led by Darshan Patel, the founder of Vini Cosmetics Pvt. Ltd., in April 2022.
The funds will be utilized to increase its presence in India and elsewhere. It also intends to use the funds for capital expenditures, marketing campaigns, and improving in-house research and development (R&D) for future product launches. Founded in 2020 by Hemant Kabra, BGauss scooters combine design with AI-enabled technology to provide comfort, minimal maintenance, power, fast charging, IoT integration, and convenience.
The Pune-based firm now claims to service over 45,000 consumers and intends to increase its dealership network from 120 to 500, with the goal of developing over 1,000 touchpoints across India. BGauss' manufacturing capacity, which is now at 100,000 units per year, is also expected to expand as demand grows.
BGauss aims to introduce two new products this year. In June 2024, the business introduced the RUV 350 scooter, which has a 3.5-kilowatt motor, 165 Nm peak torque, and a top speed of 75 km/h. For the fiscal year ending March 2024, BGauss reported Rs 177 crore in operational income, up from Rs 110 crore in FY23. During the same year, its losses nearly doubled to Rs 49.65 crore.
Madhu Lunawat of Pantomath Capital Management manages BVF, a Category II Alternative Investment Fund, which invests in lucrative growing companies such as Haldiram Bhujiawala, Aniket Metals, and Millennium Babycares.
