Clean Mobility & EV startup Starya Mobility raises INR 1.8 CR in its angel round of funding from ah! Ventures Angel Platform. This is ah! Ventures’ 71st investment (in 55 Startups) taking its total investment portfolio to INR 206 CR (~29.5 MN USD) with 10 exits till date. This is ah! Ventures’s 8th investment in 2021 and we plan to do 50+ investments in 2021 totalling to INR 150+ CR (~21MN USD).
This angel round of funding has come within 1 month of their launch on ah! Ventures First Gear platform. Starya Mobility’ vision is to be the most preferred green mobility solution provider by developing affordable & reliable cutting edge technology. Its first offering being a patented electric propulsion kit that can convert gearless IC engine scooters into electric without any deterioration in performance at less than half the cost and 1/3 running cost of its IC engine counterpart equipped with a swappable battery pack that can be swapped at more than 200+ outlets.
Ravi, founder of Starya says, “Thanks to ah! Ventures, for being amongst the very first external institute to have confidence in our solution. We believe in the power of common sense and how it’s a common thread between all stake holders, internal & external alike. The holistic solution we are offering made sense to the consumer and we are happy to see investors upholding the same belief.”
Our immediate 6-8 months goals is to make Starya Mobility, ready for commercialization, both in terms of product and sale strategies, both are important as they are pretty unique by themselves. We want to kind of conduct a miniature model of revenue generation by releasing 60-70 beta bikes before actual mass production to overcome and fine tune various bottlenecks one encounters while launching an in house product. Once the initial teething problems are overcome, we are looking at converting a minimum of 20000 scooters within the next 18-24 months.
Amit Kumar, Partner, ah! Ventures says, “Investment in Starya followed a simple 3P approach – Product, Potential and People. We believe Starya fits beautifully into this, which also resonated with our investors. The EV space is poised for a huge leap in the future and needless to mention the future is green. I am sure with the team’s execution ability it will be greener for a better India and a brighter world.” ”