eBikeGo, India’s largest electric two-wheeler mobility platform has acquired tech firm, Kustard Technologies, a digital product and innovation studio for $2 Million with the goal of modernising the EV industry. eBikeGo’s purchase will also help businesses to get ahead of the competition. Kustard Technologies has shown an impressive growth throughout the 3 years after their inception, expanding at a profitable rate of 60% prior to the acquisition.
With Kustard’s innovational gamut, eBikeGo plans to build FMS (Fleet Management System) empowering massive delivery giants such as Amazon, Flipkart, Big Basket and more with performance led technologies. It will also aid remote diagnostics of EVs to achieve preventative maintenance such as such as monitoring vehicle health, motor, battery, controller, etc. Being an early mover in the EV industry, eBikeGo has made a strategic move with acquisition.
Along with the acquisition of the company, eBikeGo has also expanded their team by onboarding 20 leading and skilled developers from the EV tech industry, in order to contribute on product, design, innovation as well as UI and UX. With the help of newly acquired Kustard Technologies team, eBikeGo is already in works to develop an IoT system which will strengthen EBG Matics mobility devices. This will result in smarter fleets making them more efficient in the Indian electric vehicle ecosystem. This device follows the 0.5 – 5 – 50 formula, in which 0.5 indicates that the vehicle should be repaired within the first half an hour in the event of any downtime or fault, 5 indicates that vehicles and their assets should last at least 5 years, and 50 indicates that the maintenance should account for only half of the cost.
“We are extremely happy to acquire one of the burgeoning tech firms, Kustard Technologies, to help push the EV industry to the next level with cutting-edge technology. Every year, approx. 25 Million petrol two-wheelers are sold in India. Previously, less than 0.15 Million electric two-wheelers has been sold, accounting for just 0.6 percent of overall two-wheeler sales. One of the major reasons for this is that most electric two-wheeler vehicles today are not connected to IoT (Internet of Things) making the user devoid of a complete, dependable digital experience. eBikeGo’s vision with this purchase is to transform Electric Vehicles into smart connected vehicles. As industry experts, we understand the urgency and significance of technology in EV space.” said Dr. Irfan Khan, Founder & CEO of eBikeGo.
On Acquisition, Javed Khatri, Founder & CEO, Kustard Technologies said “At Kustard, we always knew that we had a kickass team that has a proven track record of shipping great products consistently, however a solid purpose was missing and eBikeGo with its vision, gave us that opportunity to make a difference in people’s lives and change the world for good. Every line of code we write, every pixel we design, every feature we ship, directly impacts the environment and hence mankind. This compelled us to join hands with eBikeGo. 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.”
With the rise in their adoption, Electric Vehicle insurance and financing are now significantly less expensive. EBG Matics’ data may be used by Electric Vehicle fleets to determine which models are ideal for obtaining the best financing. It will also help the insurance agencies with riders’ safety data which can be further used to modify their insurance policies.
“We joined hands with eBikeGo to create technology which has a larger impact on the environment and the gains are long-term. Together, we aim to build products to create a carbon negative world with the help of technology” added Mandar Sawant and Udaykumar Naidu, Co-Founders of Kustard Technologies.
Categories: Corporate M&A
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