AlphaVector, an Indian startup has announced the launch of its first e-bicycle in India – Meraki by Ninety One. Launched at a price of 29,999, the e-bicycle requires no license and is aimed at the growing e-bike market in India.
AlphaVector has set foot into the global e-bicycle market which is touted to cross $38.6 billion in 2025. According to a release from the company, Meraki has already received 100+ pre-booking registrations from cities like Mumbai, Banglore, Delhi, Chennai, Pune, Ahmedabad.
Meraki comes with a 250 watt, IP 65, BLDC Motor that has a top speed of 25 kmph. The lithium-ion battery with 6.36AH will last 750 cycles of charging and comes with a 1-year warranty. The company claims one can charge the battery completely in 2.5 hours which offers up to 35 km at full charge.
Designed & developed in-house by AlphaVector, Meraki will be available across 350+ cities in India through the company’s retail network of 700 stores as well as online via the company website. It will be available in colours and styles like – Black-Red and Silver -Grey. Meraki also comes with a unique display including battery-level indication and PAS mode control & ergonomically designed button. The company claims the bike is built with hi-tensile steel which facilitates a lightweight frame. The bike weighs 22kg.
Recently, the company witnessed a 2.5x growth in its Monthly Revenue Rate (MRR) in the last 6 months (March – September 2020) and a 15% demand-fill rate. It plans to meet its target of 300CR ARR (annual revenue rate) next year by ramping up supplies over the next few months. AlphaVector is backed by Fireside Ventures, Avaana Capital and Titan Capital.
Mr Vishal Chopra, Co-Founder, AlphaVector, said, “We are excited to announce the launch of our flagship e-bicycle in India, which we believe is going through a Cycling Revolution. While the pandemic has piqued consumer interest in bicycles, innovation and customer-centricity will be the game-changers in this industry. With the launch of this e-bicycle, we are pedalling the extra mile for each of our riders in an effort to make their every ride better than the last. 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.”
This article was first published on livemint.com.