The electric vehicle manufacturer BGauss announced on Tuesday that it has successfully raised Rs 161 crore in a recent funding round, supported by Bharat Value Fund, renowned for investing in mid-market growth opportunities. This funding includes both primary and secondary capital. BGauss plans to use this financial support to enhance its growth strategy, expand its footprint both domestically and globally, and bolster its internal research and development for forthcoming product launches, as per company statements.
With this latest funding, BGauss has outlined ambitious objectives to:
- Broaden its dealership network: Expanding from the existing 120 dealerships to 500.
- Achieve over 1,000 touchpoints across India: Ensuring customer accessibility and support nationwide.
- Increase manufacturing capacity: Currently at 1 lakh units per annum, with plans for further expansion to cater to rising demand.
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The founder and managing director of BGauss expressed that the funding would greatly propel the company’s ambition to become one of the top five electric vehicle two-wheeler manufacturers. There is enthusiasm about enhancing the dealer network, ramping up manufacturing capabilities, and launching two innovative products tailored for the Indian market.
The Chief Investment Officer of Bharat Value Fund remarked that they have been long-time advocates of sustainable mobility and have consistently backed eco-friendly initiatives, even before the pandemic. This partnership is aimed at fostering the development of a greener future.
Additionally, BGauss is looking towards international growth, targeting Europe and SAARC countries as its initial markets. Founded in 2020, the company had previously raised $6.8 million during a Series A funding round in April 2022. According to Tracxn, by April 2022, BGauss had a post-money valuation of $21.5 million.