Baaz Bikes Raises ₹46.22 Crore in Series B Funding Led by BIG Capital

Electric mobility startup Baaz Bikes is preparing to raise ₹46.22 crore in a Series B funding round led by existing investor BIG Capital, as it looks to expand its electric vehicle platform for India’s gig economy. Existing investor Kalaari Capital and angel investor Aravind Sanka are also participating in the round, according to regulatory filings reviewed by Entrackr.

The company’s board has approved the issuance of 6,105 Series B preference shares at ₹75,716 apiece to raise the capital. BIG Capital will contribute ₹38 crore, while Kalaari Capital will invest ₹8 crore. Aravind Sanka will provide the remaining amount. Entrackr estimates that the transaction values Baaz Bikes at approximately ₹325 crore, or around $34 million, on a post-money basis. The ongoing fundraising could increase further if additional investors participate.

Baaz Bikes Series B Funding: Key Details

The proposed ₹46.22 crore investment represents an important funding milestone for Baaz Bikes as it expands its electric mobility services for delivery workers.

The funding structure disclosed in the report is as follows:

Funding detail	Information
Funding round	Series B
Total proposed investment	₹46.22 crore
Lead investor	BIG Capital
BIG Capital investment	₹38 crore
Kalaari Capital investment	₹8 crore
Additional investor	Aravind Sanka
Post-money valuation	Approximately ₹325 crore
Number of preference shares	6,105
Issue price per share	₹75,716

The board approval indicates that the company is proceeding with the proposed share issuance. However, the reported funding round could be part of a larger capital raise, with additional investments potentially announced as the process progresses.

Baaz Bikes plans to use the proceeds for capital expenditure, product development and working capital requirements.

These investments are expected to support its operating infrastructure and improve the services it provides to delivery partners.

What Does Baaz Bikes Do?

Founded by Anubhav Sharma and Shubham Srivastava, Baaz Bikes operates a full-stack electric mobility platform focused on gig workers.

The company provides electric scooters to delivery partners through a subscription-based model. Its customers include workers associated with food delivery, grocery delivery and e-commerce platforms such as Zomato, Swiggy, Zepto and Amazon.

Instead of purchasing an electric scooter outright, delivery partners can access vehicles through subscriptions. The model reduces the upfront financial burden of buying a vehicle and provides access to battery-swapping services.

Battery swapping is particularly relevant for delivery workers because they often spend several hours on the road completing multiple orders.

Traditional electric scooters require charging time, which can reduce the number of deliveries a worker completes during a shift. Battery swapping allows riders to exchange depleted batteries for charged ones, helping them return to work more quickly.

Baaz Bikes combines vehicle access and battery services to address the mobility requirements of workers who depend on their vehicles for daily income.

Why Gig Workers Are Important to India’s EV Market

India’s growing food delivery, quick-commerce and e-commerce industries have created substantial demand for last-mile transportation.

Delivery partners working with platforms such as Zomato, Swiggy, Blinkit, Zepto and Amazon frequently travel across cities to complete customer orders.

For these workers, vehicle ownership and operating expenses directly affect their earnings.

Petrol-powered two-wheelers can create substantial recurring fuel costs, while purchasing an electric scooter requires an initial investment that some gig workers may find difficult to afford.

Subscription-based electric mobility services attempt to address both challenges.

By providing access to electric vehicles without requiring a large upfront purchase, companies such as Baaz Bikes can help workers transition towards electric mobility.

The model also creates a recurring revenue opportunity for mobility providers through monthly subscriptions and related services.

However, the business requires significant investment in vehicles, battery infrastructure, maintenance, fleet management and customer support.

This makes access to growth capital particularly important as companies attempt to expand into additional locations.

BIG Capital Strengthens Its Investment in Baaz Bikes

BIG Capital is leading the latest funding round with an investment of ₹38 crore, continuing its relationship with Baaz Bikes.

The investor previously led the startup’s $8 million Series A funding round announced in November 2023. That round also included participation from Rakuten Capital, Kalaari Capital and 9Unicorns.

In July 2025, Baaz Bikes raised approximately ₹19.08 crore in an extended Series A round involving BIG Capital, Rakuten Capital and Kalaari Capital.

The latest Series B investment therefore represents another round of support from investors already familiar with the company’s business model.

Kalaari Capital is also participating in the new funding round with an investment of ₹8 crore.

The continued involvement of existing investors provides Baaz Bikes with additional capital to develop its operations and pursue expansion opportunities.

Baaz Bikes Had Raised Around $12 Million Before Series B

Before the proposed Series B investment, Baaz Bikes had raised approximately $12 million, equivalent to around ₹100 crore, through earlier funding rounds.

Its previous major funding milestones included:

Year	Funding activity	Amount
2022	Seed funding	$2 million
2023	Series A led by BIG Capital	$8 million
2025	Extended Series A	₹19.08 crore
2026	Proposed Series B	₹46.22 crore

The latest round will add to the company’s existing capital base and provide resources for its next stage of development.

The estimated post-money valuation of approximately ₹325 crore represents the value attributed to the company after accounting for the proposed investment. This figure is based on Entrackr’s calculations and could change if the ongoing round is expanded.

Competition in India’s Electric Mobility Market

Baaz Bikes operates in a competitive electric mobility market that includes companies offering vehicle subscriptions, fleet management and last-mile delivery solutions.

Its competitors include Yulu, Zypp Electric, Bounce and other electric two-wheeler operators.

These companies are targeting different segments of India’s urban mobility market, including delivery partners, logistics businesses and shared transportation services.

The gig economy offers a particularly attractive opportunity because delivery platforms require a large number of workers who depend on affordable transportation.

However, scaling an electric vehicle subscription business involves several operational challenges.

Companies must maintain high vehicle utilisation, manage battery availability, control maintenance expenses and ensure that delivery partners can access vehicles when needed.

They also need to balance subscription prices with the actual savings workers receive compared with petrol-powered vehicles.

For Baaz Bikes, expanding its fleet while maintaining efficient operations will be important to building a sustainable business.

The Bigger Picture

Baaz Bikes’ Series B funding highlights growing investor interest in electric mobility solutions designed specifically for India’s gig economy. Delivery workers represent an important customer segment for electric two-wheeler companies because their vehicles are used intensively and fuel expenses directly affect their income. Subscription-based models combined with battery swapping can reduce upfront ownership costs and make electric mobility more accessible.

However, the long-term success of this business model will depend on operational efficiency rather than funding alone. Fleet utilisation, battery infrastructure, vehicle maintenance and subscription affordability will determine whether companies can scale profitably. With BIG Capital and Kalaari Capital continuing to support Baaz Bikes, the startup has additional resources to pursue its expansion plans, although competition in the last-mile electric mobility market remains strong.

Looking Ahead

Baaz Bikes plans to deploy its new funding towards capital expenditure, product development and working capital. The investment could help the company expand its fleet, improve its technology and strengthen the infrastructure supporting delivery partners. The participation of existing investors also provides continuity as the company moves into its next funding stage.

The broader opportunity will depend on how quickly India’s delivery and e-commerce workforce adopts electric vehicles. Rising demand for last-mile deliveries could support subscription-based mobility providers, but companies will need to demonstrate that their services can remain affordable for workers while generating sustainable returns. Baaz Bikes’ ability to scale its operations and manage fleet economics will be important indicators of its progress.