City-based startup AlphaVector on Thursday entered the fast growing e-bicycle segment and launched its flagship model Meraki priced at Rs 29,999.
The bicycle has a 250 watt brushless DC motor with a top speed of 25 kmp and is equipped with 6.36AH lithium-ion battery that can be charged completely in 2.5 hours, which offers up to 35 km at full charge, the company said.
AlphaVector has already received over 100 pre-booking registrations from cities like Mumbai, Bangalore, Delhi, Chennai, Pune, Ahmedabad for its new offering, it said.
"We are excited to announce the launch of our flagship e-bicycle in India. With the launch of this e-bicycle, we are pedalling the extra mile for each of our riders.
"We also aim to contribute to the adoption of e-bicycles in India in line with the government's initiative of introducing smart mobility and ultimately build smarter and sustainable cities for citizens," said Vishal Chopra, co-founder, Alpha Vector.
Designed and developed in-house, Meraki will be available across over 350 cities in the country through the company's retail network of 700 stores as well as online via the company website.
With this launch, AlphaVector sets foot into the global e-bicycle market, which is expected to grow cross USD 38.6 billion in 2025, the company said adding it looks to tap into the rapidly growing Indian electric 2-wheeler segment amid this growth.
Founded in 2015, the bicycle maker which has investment from Fireside Ventures, Avaana Capital and Titan Capital, currently has presence in over 350 cities and over 700 stores/dealers pan-India.
Stating that the pandemic induced inclination towards cycling as a lifestyle necessity has further acted as a catalyst for the segment, the company said it has witnessed a 2.5x growth in its Monthly Revenue Rate (MRR) in the last period between March - September this year and a 15 per cent demand-fill rate.
AlphaVector plans to meet its target of 300cr ARR (annual revenue rate) next year by ramping up supplies over the next few months, the company added.
Meraki comes equipped with e-brakes with automatic brake cut off while the key-lock switch feature helps avoid tampering and mischief as the bike cannot be turned on without a key.
It comes with four driving modes - pedal assist, throttle (which makes the e-bicycle work without pedalling like a scooter), cruise and pedal.
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