Kyte Energy, An EV two-wheeler brand, raises INR 3 crores in their first funding round from ah! Ventures Angel Platform and Others Kyte Energy, An EV two-wheeler brand, raises INR 3 crores in their first funding round from ah! Ventures Angel Platform, Soonicorn Ventures and others. ah! Ventures has done 183 investments in 121 startups till date taking its total investment portfolio to INR 376 CR (~47 MN USD) with 16 exits and 47 follow on rounds. 29 investments have happened through all three platforms and the fund in 2023. This recent funding injection will empower Kyte Energy to amplify its growth trajectory and accelerate its mission to revolutionize the electric two-wheeler market. With the newly secured capital, Kyte Energy plans to strategically allocate the funds towards expanding its distribution channels and strengthening its marketing efforts, ultimately aiming to scale up its presence in the Indian market. Having already sold 5000+ scooters through its 30 dealer stores across Maharashtra and Gujarat, the startup has established a solid foundation. However, with the recent product launch and the revised subsidy policy, Kyte Energy has experienced an exponential surge in demand. As a result, the startup's order book has witnessed a remarkable 200% increase, particularly driven by the growing demand for high-speed scooters in the affordable sub-1 lakh segment. This infusion of funds will enable Kyte Energy to meet the soaring demand, further streamline operations, and position itself as a market leader in the electric two-wheeler industry. The Kyte Energy team is comprised of accomplished individuals with a wealth of experience and expertise in the electric mobility industry. Yash Arora, a key member of the team, brings his extensive background from Detroit Electric (UK) and BPSL (UK), leveraging his deep understanding of electric vehicle technology and market dynamics. Nikhil Sethi, another valuable team member, brings his rich industry knowledge gained from his tenure at Tata Technologies and Bosch, where he honed his skills in product development and engineering. Additionally, Kush Arora with his MBA in Finance and his past experience in managing his established family business, brings a strong financial acumen to the Kyte Energy team. His expertise in finance will play a vital role in managing the company's financial operations, investment strategies, and overall financial health. Together, this dynamic team is poised to lead Kyte Energy towards continued success and innovation in the electric two-wheeler space. Kyte Energy, a forward-thinking technology-driven company in the electric mobility sector, is making waves with its cutting-edge products and innovative advancements. Currently offering the popular Magnum Pro and Magnum X models, Kyte Energy has set its sights on introducing the highly anticipated Kyte X1 scooter in July 2023. Excitingly, the Kyte X1 will be the first scooter in the industry to incorporate active cell balancing technology, further enhancing its performance and efficiency. Setting a new standard in the electric vehicle market, Kyte Energy has also recently filed a technology patent for its all-electric gear shifter. This ground-breaking technology is set to revolutionize the riding experience and will be featured in Kyte's upcoming motorcycle, slated for launch in mid-2024. Among Kyte Energy's current offerings, the Magnum Pro stands out with its remarkable features and exceptional customer feedback. Equipped with a dual battery system, the Magnum Pro boasts an impressive true range of 160 km, ensuring an extended and uninterrupted riding experience. Priced aggressively at ₹80,000 ex-showroom, the Magnum Pro offers outstanding value for money in its segment, making it an attractive choice for potential buyers. The Magnum Pro exudes style and functionality with its aggressive front fascia, dual headlamp setup, Daytime Running Lights (DRL), and Combined Braking System (CBS). Moreover, the scooter provides ample foot space for enhanced comfort and convenience. The combination of its superior features, competitive pricing, and positive customer response solidifies the Magnum Pro as a top-tier option in the market. Kyte Energy is dedicated to driving sustainable mobility and remains committed to providing cutting-edge products that exceed customer expectations. With the impending launch of the Kyte X1 and the exciting developments in their upcoming motorcycle, Kyte Energy continues to push the boundaries of innovation in the electric vehicle space. Founders of Kyte Energy stated that, "India holds the distinction of being the largest two-wheeler market globally, with a staggering 500 million two-wheelers traversing its roads. The government's ambitious plan aims to transition 50% of this massive fleet to electric vehicles within the next decade. Even with all manufacturers operating at double capacity, this target remains formidable. However, the potential for electric two-wheelers is immense and we project a serviceable obtainable market worth 11.4 billion USD by 2030. This significant market opportunity further emphasizes the compelling prospects and untapped potential within the electric two-wheeler industry." LV Sastry, Deal Lead - Kyte Energy and Venture Partner - ah! Ventures said, "As of 2022, India's overall EV penetration, including 2W, is 3 per cent and although the electrification of mobility in India is still at a nascent stage, there is massive headroom for growth. Kyte Energy is very placed in the 2W EV segment given its product innovation and early success in Maharashtra and Gujarat." Harsh Deodhar, Head VP Program - ah! Ventures said, "Since 2018, India has seen a massive hockey stick growth in the number of two-wheeler EVs manufacturers. Kyte is the ultimate underdog story. 3 founders operating from their manufacturing unit in Nasik, managed to roll over 4000 bikes across 3 models from their 19 showrooms across Maharashtra. With FAME 2 certification, a phenomenal order book, and working with the countries top EV companies for contract manufacturing- the Kyte team is playing a very vital role in the EV ecosystem" Contact: Abhijeet Kumar, abhijeet@ahventures.in About ah! Ventures ah! Ventures is one of the world's largest fundraising platform for early stage startups raising up to 10 MN USD. ah! Ventures has three platforms: First Gear, which helps startups raise upto INR 1 CR (~USD 150K), Angel Platform, which helps startups raise upto 1 MN USD and High Tables Platform, which helps startups raise 1-10 MN USD. Today ah! First Gear, Angel and High Tables platforms have over 70000+ entreprenurs, 3000+ seed/angel investors and over 1000 VCs & institutional investors registered with it. ah! First Gear, Angel and High Tables platforms till date have invested INR 376 CR (~47 MN USD) in 121 startups & 183 investments and have announced 16 exits & 47 follow on rounds. Contact: Abhijeet Kumar, abhijeet@ahventures.in