Buymyev[how this Innovative EV startup is growing in 2023 ]
Buymyev is an Electric Vehicle Making Startup
What is Buymyev?
Founded in the year 2019 by Vivek Sharanappa and Varsha Vasudeva BuymyEv is a part of micro-mobility solution provider which provides kick scooters and electric bikes in order to introduce a clean environment.
The products are affordable scooters that promote a clean environment and could be carried anywhere.
|Products||Electric Bikes & Scooters|
|Revenue Model||B2C, One Time Payment|
How did it Start?
When the founder was working for Hewlett Packard Enterprises, He was dependent on an economically fastest means of transport for his 1st/last mile commute that would help him further to utilize the public transport. He used autos or shared mobility bikes for transportation.
At that time the founder realized that it is not providing a solution to his problem. He then realized that there are a lot of people who are facing the exact same issues.
The scooters are very eco-friendly because this eco-friendly-based startup is using batteries that do not emit any harmful gases. This motivated the founder to explore more about hyper-local commuting means of transport which is clean and green. This will promote a better environment with less pollution.
This duo-founded startup has made its agenda to spread awareness about a clean environment and how traveling and commuting can be easy And affordable.
Here is a quick overview of Buymyev
The co-founders started this Bangalore-based startup in 2019 with an initial capital of IN₹10,00,000.
Where does it stand now in 2023?
“The question of growth rate is very interesting, I think that if we were asked that question I would say that the growth rate comparing year on year is 100% actually,” says Varsha
Initially, this EV Scooter startup started with 2 Founding team members and gradually the team started becoming larger and larger and has a headcount of 27 as of 2023.
- Swappable Battery
- Emergency Backup Battery for 25-30 Kms
- Adjustable shocks
- Secure Key lock system
- 3pin battery connector.
Initially, this b2c-focused startup targeted larger cities, they targeted Bangalore city and the consumers were so happy with the products that consumers started buying and taking them to their hometowns.
“We are targeting People who are from the age of 18 to 30 or 40 years. The target access market is to target anyone or everyone for the product” Says Varsha.
The main target is the consumer market so the revenue model is business to consumers. As because of this model, most of the revenue are from the sales of the products to the consumer.
Any automobile company or travel company our competitor says Varsha.
‘Right now, we have a certain number of targets for vehicles and we are trying to set up three production houses, Sending for people to set the awareness’ Says Varsha.
At the moment, this Bangalore-based startup is planning to have exponential growth in the future
Strength is the efforts of the team and the whole idea surrounding the product of this Bangalore-based startup.
Weaknesses are that we are still on the way to making a bigger app, we are still on the way of ideation and we are planning on the product so that is being slow for us says Varsha.
Opportunities are immense because a lot of people need a medium to commute and EV is one of the best mediums to commute because it’s very efficient and affordable.
The threat can be that a lot of people do not have any awareness regarding clean, affordable commute mediums like EVs.
“We have pitched the idea of our products to at least a hundred and more investors however we are waiting on them”, says Varsha.
This Bangalore-based startup makes sure that the investors of this company are very well interested in the idea of this startup. It is very hard to convince people of the product as people do not have that much awareness about battery-operated automobiles so creating awareness and reaching out to people is one of the challenges.
Finally, Buymyev has raised an Amount of US$ 1.5M in its Seed round from an Undisclosed HNI(High Networth Individual).
Vivek Sharanappa, the CEO, was an IT engineer with two decades of experience working for companies like Novell and Hewlett-Packard.
Varsha Vasudeva,COO, a confident software professional with a background in electronics engineering and worked for Oracle.
INR 54,900 in Bengaluru Ex-Showroom.
INR 54,900 in Bengaluru Ex-Showroom.