eBikeGo acquires Kustard Technologies for $2 million
Electric two-wheeler mobility platform eBikeGo has acquired tech firm Kustard Technologies for $2 million (Rs 14.7 crore), according to a statement on Wednesday.
With this acquisition, eBikeGo plans to build fleet management systems (FMS) to empower delivery firms such as Amazon, Flipkart and Big Basket with updated technologies.
Mumbai-based eBikeGo aims to launch EBG Matics (Advance Telematics for EV) by April 2022.
“EBG Matics is a revolutionary technology which is unlike any other telematics device. It analyses rider and vehicle behaviour using AI and machine learning to track and optimise efficiency for the user,” said Javed Khatri, founder and CEO, Kustard Technologies.
The company plans to use EBG Matic’s data to determine models that should obtain the best financing. It also expects to help the insurance agencies with riders’ safety data.
“eBikeGo’s vision with this purchase is to transform Electric Vehicles into smart, connected vehicles,” said Irfan Khan, founder and CEO of eBikeGo.
Earlier this year, eBikeGo raised $1.5 million (Rs 11 crore) in a pre-Series A fundraising exercise. This was backed by Bollywood singer Sukhbir Singh, Quess Corp Ltd CEO Vijay Sivaram, Asian Institute of Technology’s Brahmanand Mohanty, and Mungo Befestigungstechnik AG chairman Alparslan Kutukcuoglu.
The electric vehicle sector has been attracting investors in the last few years. Some companies which invested in the EV sector in 2020 and this year include Ohm Mobility, aerial mobility firm The ePlane Company, electric scooter manufacturer Ather Energy.
