Electric bicycle maker GoZero looks to raise capital for expansion, Auto News, ET Auto

Electric bicycle maker GoZero looks to raise capital for expansion Mumbai: Birmingham, UK based electric bicycle maker GoZero that recently set up operations in India is looking to raise $1.5 million of capital in November this year through equity sale.

The company set up its first manufacturing base in Kolkata earlier in partnership with Kirti Solar Limited, the latter having invested $250,000 in GoZero for an undisclosed equity stake. The manufacturing facility with an annual capacity of 20,000 units will be used to cater to not only the Indian market but also other overseas markets in Southeast Asia and the UK market in the near future.

GoZero launched two electric bicycles, the One and the Mile at retail prices of Rs 33,000 and Rs 30,000, respectively. “The premium bicycle market in India is about 4 lakh units, we are targeting that segment,” Ankit Kumar, chief executive of GoZero told ET over the phone.

The company is targeting a network of 80 distributors in India. While three such partners are already onboard, its target is to get 50 by December 2019, Kumar said.

The electric bicycle maker is also looking to set up 18 exclusive customer touchpoints across the country that will handle after-sales services and offer test rides apart from handling retail. These GoZero Now stores, as the company plans to call them, will also serve as the distribution centres for fulfilling the online sales. While sales have begun on the company’s own website, its CEO said that sales will also commence through e-retail website Amazon by the end of May 2019.

GoZero started the design and development of its products in Birmingham over a year ago with a seed funding of $100,000. Kumar said that the company plans to retain the development of products in the UK.

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