Baaz Bikes to Raise Rs 46.22 Crore Series B Led by BIG Capital

Baaz Bikes' board has approved a Rs 46.22 crore Series B raise led by BIG Capital, regulatory filings reviewed by Entrackr show. The round pegs the electric mobility startup's post-money valuation at roughly Rs 325 crore, or about $34 million.

The Delhi-based company will issue 6,105 Series B preference shares at Rs 75,716 each, according to the filings. BIG Capital will put in Rs 38 crore as lead investor. Existing backer Kalaari Capital will add Rs 8 crore, and Aravind Sanka will cover the remainder.

The ongoing round looks like the first tranche of a larger fundraise. Baaz Bikes is likely to bring in additional capital as the round progresses, Entrackr reports. That could also move the current Rs 325 crore post-money valuation.

Where will the money go?

The fresh proceeds will fund capital expenditure, product development and working capital requirements, per the company's filings. That points to fleet expansion and refinement of the subscription platform rather than aggressive cash burn.

Baaz Bikes isn't starting from scratch on the funding front. The startup had already raised approximately $12 million — around Rs 100 crore — before this Series B, including an extended Series A in July 2025.

What does Baaz Bikes actually sell?

Anubhav Sharma and Shubham Srivastava founded Baaz Bikes as a full-stack electric mobility platform built for gig workers. The company rents electric scooters on a subscription basis to delivery partners working with Zomato, Swiggy, Zepto and Amazon.

The subscription includes multiple battery swaps, which removes one of the biggest friction points for delivery riders: range anxiety and charging downtime. It also lets partners skip the upfront cost of buying an electric vehicle, a barrier for many gig workers who earn per delivery.

Why does last-mile delivery matter here?

Baaz Bikes is building its business around rising demand for electric two-wheelers in last-mile delivery. Delivery partners in India depend on affordable, reliable mobility to protect their per-order earnings, and fuel costs on petrol scooters eat directly into margins.

That's the wedge the company is betting on. Quick-commerce platforms such as Zepto and food delivery giants like Swiggy and Zomato have expanded their rider networks, and each new rider is a potential subscriber. Big Capital's Rs 38 crore commitment signals institutional conviction that the subscription-plus-battery-swap model can scale with that rider growth.

The round hasn't closed at Rs 46.22 crore, though. If Baaz Bikes pulls in more capital as expected, the final Series B size and the valuation attached to it could both move higher — and the startup will have more firepower to grow its fleet across India's delivery corridors.