iGoWise Mobility Secures Funding for Smart Electric Trikes

iGoWise Mobility, a developer of intelligent electric trikes, has successfully raised Rs 8.2 crore in a pre-seed funding round. This funding comes from a group of ISB Angels, 888VC, and Guptaji VC. The funds are earmarked for enhancing tooling and automation processes aimed at reducing production costs, improving customer experience and after-sales services, promoting further research and development, introducing new variants, and fortifying working capital to manage their current order book, as stated by iGo in a recent press release.

The Vision Behind iGoWise Mobility

Founded in 2020 by Sravan K Appana, iGoWise Mobility focuses on developing robust, smart electric vehicle platforms designed for both urban India and Rural Bharat. Their flagship product, BeiGo, represents the first electric pickup trike in their lineup, designed to bridge the gap between two-wheelers and large, costly vehicles. It incorporates a patented anti-topple leaning technology that enhances ease of handling, cornering, and overall ride comfort.

Real-World Performance Data

With over 1 lakh km of real-world usage data collected from various terrains and entrepreneurs, iGoWise Mobility has a solid foundation for its advancements. In the coming 12 to 18 months, the company plans to expand its presence in key cities such as Bengaluru, Hyderabad, Pune, and Panjim, launching the first 1,500 trikes in partnership with fleet operators like Hala Mobility and Elektric Express.

Innovative Technology and Design

The Bengaluru-based startup highlights that its patented anti-topple swivelling mechanism alongside an on-demand self-balancing system makes its leaning trikes five times more cost-effective, three times more energy-efficient, and twice as compact compared to competitors globally. Built on the proprietary TwiiGo lightEV automobile platform, these trikes effectively navigate potholes, tackle steep inclines with ease, weave through congested traffic, and come equipped with a triple-disc anti-skid CBS for optimal rider safety and road grip.

Market Readiness

iGoWise Mobility is preparing for the market launch of its initial product, the BeiGo Rugged Utility Vehicle, within a timeframe of 32 months. The company asserts that riders who transition to an iGo trike can save significantly on fuel costs while potentially increasing their income by up to Rs 7,500 per month. Other significant players in the electric mobility landscape include Zen Mobility, Vaidyuthi Mobility, and Speedloop Auto.