Artificial intelligence (AI)-based electric mobility platform MetroRide has received seed funding from angel investors in Silicon Valley, New Jersey, and India. Some notable angel investors who participated in the funding round are senior global executives like Shailesh Powdwal, Sudhir Pai, Bhagirath Tanna, and entrepreneur Sushant Divakar.
The amount raised is yet to be disclosed.
The funds will be utilized to expand MetroRide’s 100% EV fleet’s footprint in Bengaluru and Delhi. Further, a part of this funding will go towards enhancing the mobility platform’s AI engine, VIKI.
Commenting on the funding, Girish Nagpal, Co-Founder, and CEO, MetroRide, said, “This fresh infusion of funds indicates the trust and confidence of investors in new-age mobility start-ups like MetroRide. Unlike the other ride-hailing platforms, our shared e-mobility solution is built for an affordable daily commute. We are excited and humbled to have received this funding, especially during these testing times. Today, we are asking people to give up their fossil fuel transport systems and embrace the EV revolution with love.”
The company, founded in 2020, endeavors to solve the problem of first and last-mile connectivity to destinations like corporate parks, metro stations, educational hubs, which witness high footfalls during peak hours.
Another Co-Founder, Kaaman Agarwal, said, “With three core objectives – ‘Scalability, Automation, and Connected experience,’ AI is not an option for us. Our AI engine VIKI is at the heart of everything we do. This 100 percent cloud-based mobile application helps commuters to find a quick and hassle-free EV ride. Further, we are the only start-up to solve customer safety by using AI-Based Fraud Detection systems. The new investment will be used for further strengthening the technology solutions and enabling rapid expansion”, said Kaaman Agarwal, Co-founder & CTO, MetroRide.
MetroRide operates through its AI-powered cloud-based application to provide complete green travel solutions to its customers. The company also aims to bolster the EV adoption landscape with its electric vehicles.
“What excited us was the approach MetroRide has taken to address this global problem of Urban Commute using technology and sustainability as its core. Even during the COVID times, the company has crossed many commendable milestones. We are delighted to be a part of this journey with MetroRide’s passionate & competent team,” said Shailesh Powdwal, an investor who had invested in MetroRide’s pre-seed round and participated in the current seed round.
MetroRide has catered to 60,000 customers with an average of 2.01 minutes of wait time per ride since its inception six months ago. The company claims it is growing at the rate of 20% every week.
The company had received incubation with IIM Bangalore’s NSRCEL & NASSSCOM’s 10000 Start-ups.
In India, 2020 was remarkable in terms of the funding the EV segment received. Speaking to Mercom at the beginning of the year, several EV companies had remarked that they expect 2021 to be exceptional for the electric vehicles sector in the country.
Arjun Joshi is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. More articles from Arjun Joshi.