E-Mobility Startup Ridepanda Extends Its Funding By $3.75Million To Create Happier And Healthier Cities

By AIT News Desk On Jul 2, 2021

Key investors include Porsche Ventures, Yamaha Motor Ventures, Proeza Ventures and General Catalyst

Ridepanda, the world’s first online dealership for micro-mobility, announced the raise of $3.75 million in new financing to help transform personal transportation and meet the surging demand for electric vehicles. Investors include Porsche Ventures, Yamaha Motor Ventures, Proeza Ventures, and General Catalyst. Ridepanda sees e-rides as the ultimate way to create healthier, more connected communities that reduce carbon emissions and pollution through environmentally-friendly modes of transportation.

Ridepanda offers a handpicked selection of e-bikes, e-mopeds and e-scooters, along with essential add-ons including financing, maintenance, warranties and personalized customer services. The company makes it easier than ever for consumers to make climate-smart transportation choices by providing a user-friendly platform to discover the right e-ride for their individual needs, through a curated set of expert-vetted products and support services.

Co-founders Chinmay Malaviya and Charlie Depman have both previously worked at leading micro-mobility sharing companies including Lime, Bird and Scoot, and saw firsthand the rising demand for personal ownership of e-bikes. Consumers prefer e-ride ownership because it is cheaper, more accessible, and they can pay it off in a few months, opposed to shared transportation that can cost more in the long term.

As people start returning to the office, Ridepanda will offer safe and easy options for employers based on their employees’ specific needs and demographics. Commuters in New York City need compact, light, and portable e-rides for their walk-up apartments while tech savvy millennials in San Francisco are looking for e-rides to combat the hilly landscape, and retirees in Miami prefer e-rides that provide ease and comfort with hydraulic brakes. The company has also seen an uptick in demand with food and grocery delivery drivers, and Ridepanda is able to offer curated transportation solutions that are durable, powerful, and available at an accessible price tag.

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“We are so fortunate to partner with mission-aligned strategic investors to help bring Ridepanda’s vision to life,” said Chinmay Malaviya, co-founder and CEO of Ridepanda. “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.”

“Our partners are helping us bring much needed change to the personal mobility industry,” said Charlie Depman, co-founder and CTO of Ridepanda. “The support from investors will be used to make technological improvements to our platform to streamline the process of discovering, purchasing, owning, and maintaining light electric vehicles. This includes building tailored experiences for specific demographics, strengthening our vetting system, improving our ridefinder recommendation engine, and helping governments utilize e-bike rebates and subsidies.”

“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 micro-mobility at such an early stage,” said Stephan Baral, Head of Porsche Ventures Region US. “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.”

“Post COVID-19 we are seeing more willingness by individuals to use micromobility on a regular basis, given its safety, convenience, affordability, and sustainability, along with an increasing demand for e-bikes, e-scooters, and e-mopeds,” said Enrique M. Zambrano, Principal at Proeza Ventures. “This has led to a clear consumer need for a trusted specialized mobility marketplace that makes the discovery and decision-making process more user-friendly and informed for each specific use case. We are excited to partner with Ridepanda, whom we believe is best positioned to become this trusted platform and increase e-ridership.”

Ridepanda’s $3.75M funding will enable the company to hire talent across the U.S. and build curated online and offline experiences to further enable the adoption of light electric vehicles in every American home. Just recently, the E-BIKE Act was introduced into Congress to give e-bike rebates (covering 30% of the cost of the electric bicycle, up to a $1,500 credit), a strong step to enable cheaper, practical, convenient, environmentally-friendly and fun electric vehicles. Ridepanda is partnering with the county of San Mateo with their utility provider Peninsula Clean Energy to offer a seamless digital experience for their residents to take advantage of their local e-bike rebate program, and is excited to use that as a case study to work with the government on a federal level as the E-BIKE act passes.