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ezBike, the first electric bike-sharing service in Pakistan, has managed to raise $1 million in pre-seed capital. The investors in the initiative include i2i Ventures, Walled City, Ground Up, and other leading tech investors from the US. ezBike has a focus on being affordable, fast, and eco-friendly, and they are now aiming to expand their operations and accelerate the transition to electric vehicles in Pakistan. This is welcome news since Pakistan has long since been discussing ways to utilize more renewable energy rather than focusing just on fossil fuels.
ezBike aims to start selling electric scooters in the next few months, and the company is planning to test out its solution with one of Pakistan’s leading delivery companies. Moreover, the company plans to work towards creating a comprehensive environment for electric bikes and scooters. ezBike also plans on focusing on the production of low-cost lithium-ion batteries, and a network of battery swapping stations.
The founders of Roamer – the startup behind ezBike – Mohammad Hadi (former investment banker) and Ali Moeen (a software executive) launched ezBike in 2020, and since then have successfully onboarded over 100,000 customers through their current bike sharing app in Islamabad.
“Because of expertise in assembling, operating, and maintaining electric scooters at scale, we feel we are very well positioned to address the broader market opportunity of transitioning Pakistan to electric vehicles within 2 wheelers,” says Hadi.
“That does not necessarily have to happen only through a sharing service which is why the pre-seed we have raised and the uses of this capital are to launch our own brand of electric scooters which will be offered for sale starting this summer.”
“Pakistan has 22 million registered motorcycles and 2 million are sold each year. We estimate the electric vehicles market to be a $20 billion opportunity, however, despite very supportive regulatory and tax policies in Pakistan for electric vehicles, the electric vehicles in Pakistan have not been able to grow at a significant pace,” says Hadi.
He further stated, “up till now that transition hasn’t been possible because EVs were too expensive, but our proprietary solution will allow consumers to purchase electric scooters for 80% the price of comparable petrol-run motorcycles and operate them for 50% the cost. This will revolutionize the market.”
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