ezBike, Pakistan’s first electric bike-sharing service, has generated around USD 1 million in its first pre-seed round. This is cause for celebration for ezBike of course, but also the e-mobility sector as a whole as well, as the market share opportunity for electric two-wheelers is estimated at USD 20 billion. A flurry of investment in one company bodes well for e-mobility vehicles and infrastructure that is in its nascent stage in Pakistan, but is a crucial driver towards the country’s clean energy transition.
The company was inducted in PPSE’s SME Accelerator in November 2021, which focused on expanding the portfolio of commercially-viable clean energy projects and providing support to enable them to strengthen their business model and access financing. Since graduating from the accelerator, the company has entered the PPSE main project pipeline as well.
ezBike is Pakistan’s first electric moped sharing service, deploying e-mopeds in public parking areas and allowing registered users to locate, reserve and unlock them using the dedicated app. Users ride the mopeds themselves to their point of destination, leave them in any designated parking zone and pay for the service digitally. ezBike is the only tech-enabled, self-drive solution in Pakistan and they are on a mission to revolutionise mobility in the country by introducing their most affordable, convenient, green and inclusive shared mobility offering.
Since launching in the fall of 2020, the company’s electric mopeds have made a noticeable impacting the mobility landscape of its pilot city, Islamabad, with over 100,000 customers using this refreshing and sustainable alternative mobility, particularly the city’s youth.
The investment garnered by the initiative includes i2i Ventures, Walled City, Ground Up and leading angel investors in the United States. The company intends to use the funds for scale up and to bolster the mobility infrastructure in the country through the production of low-cost lithium-ion batteries and a network of battery swapping stations.
Mohammad Hadi, a former investment banker, and Ali Moeen, a software executive, are the founders of ezBike and started the sale of its electric scooters in 2022. The ambition of these founders is Pakistan-wide, with a vision to revolutionise urban mobility as accessible, sustainable and shared.
These lofty goals require high levels of investment in addition to the pre-seed round acquired, which is why PFAN PPSE has inducted ezBike in to its main project pipeline to facilitate financial investment. Mohammed said that the company is interested in PFAN support in order to diversify the investor base that will fund the company’s mission of electrifying Pakistan’s two-wheeler market.
”The PPSE project is one of the few facilitating debt financing in Pakistan, which is currently lacking for clean-tech startups, but has potential to create real momentum in the market,” he says.
‘At present the only source of capital for cleantech startups is equity financing from the venture market. PFAN and PPSE provide a vital additional source of capital to these startups, especially be-cause they specialize in the clean tech and climate space. By providing access to climate investors that startups would not otherwise have access to, PPSE increases the viability of cleantech projects and their ability to grow quickly’