SAN FRANCISCO (BRAIN) — E-commerce company Ridepanda announced it received a combined $3.75 million in financing from investors to help meet demand for its electric vehicles, which include e-bikes.
New investors are Porsche Ventures, Yamaha Motor Ventures, Proeza Ventures, Moving Capital, Alumni Ventures Group, Lorimer Ventures, and Oyster Ventures. Existing investor General Catalyst also contributed.
Ridepanda said the funding will enable the expansion of its workforce and building curated online and offline platforms. Ridepanda also is working with San Mateo County in California and utility provider Peninsula Clean Energy to offer a digital platform for residents to take advantage of the county's local e-bike rebate program. Ridepanda is using that as a case study to work with the government on a federal level. The E-BIKE Act introduced into Congress recently would give rebates covering 30% of the cost of an e-bike — up to a $1,500 credit.
"We are so fortunate to partner with mission-aligned strategic investors to help bring Ridepanda's vision to life," said Chinmay Malaviya, Ridepanda co-founder and CEO. "Our investors come from leading vehicle and parts manufacturers and can provide strong thought leadership and direction as we look forward to serving the very fast growing demand for light electric vehicle ridership nationwide, while providing our customers with a safe and seamless digital buying and ownership platform. As people start going back into the office, we're excited to help employers provide climate-smart, safe, and practical ways of commuting."
In addition to e-bikes, Ridepanda offers e-mopeds and e-scooters with financing, extended warranties, and customer services, including assembly at home or at a nearby shop.
“Ridepanda has proven to be a leader in a fast-growing market, and we are excited to announce our investment into the online marketplace for electric micromobility at such an early stage,” said Stephan Baral, head of Porsche Ventures Region U.S. “Although both companies have goals of building a sustainable future and getting more people to use clean energy vehicles, our unique perspectives and areas of expertise will provide valuable opportunities for mutual growth. Ridepanda is able to fulfill the burgeoning demand for e-rides, and we’re excited to invest in a mission-driven company that is dedicated to transforming the transportation sector for good.”
