BGauss Raises ₹161 Crore for two New Scooters and Dealership Growth

Electric two-wheeler manufacturer BGauss has raised ₹161 crore in a funding round led by the Bharat Value Fund (BVF), a prominent mid-market investment vehicle managed by Madhu Lunawat of Pantomath Capital Management.

Founded in October 2020 by Hemant Kabra under RR Global, BGauss bootstrapped initial efforts with seed capital and angel investments—specifics undisclosed. Its first significant institutional boost came in April 2022, raising ₹52 crore led by Darshan Patel, founder of Vini Cosmetics Pvt. Ltd., with support from high-net-worth individuals and family offices. The recent ₹161 crore from BVF in January 2025 brings its total known funding to ₹213 crore. Revenue grew from ₹110 crore in FY23 to ₹177 crore in FY24, though losses nearly doubled to ₹49.65 crore as the company scaled operations.

Strategic Allocation of ₹161 Cr Funding to Propel BGauss’s Growth: Scaling Manufacturing, R&D, and Marketing Efforts

BGauss’s product journey drives its momentum. It debuted in October 2020 with the BG B8 (₹62,999-₹88,999) and BG A2 (₹52,999-₹67,999), low-speed scooters offering 70-78 km range and 50 km/h top speed, designed for urban use without registration needs. The BG D15 series (D15i and D15 Pro), launched in May 2022 at ₹99,999-₹1.15 lakh, entered high-speed territory with a 3.2 kWh battery, 115 km range, and 60 km/h capability; sales began in October 2022 with 130 units. The C12i, unveiled in September 2022 (₹99,990-₹1.29 lakh), offered a 120 km range and enhanced comfort, lifting sales to 444 units by December. The RUV 350, launched in June 2024 (₹1.09-₹1.34 lakh), targeted performance riders with a 135 km range, driving 2024’s peak of 3,114 units in October. The two 2025 launches—likely a mid-range commuter (₹80,000-₹1 lakh) and a high-performance variant (₹1.5-₹1.8 lakh)—will leverage the ₹161 crore to broaden its lineup, paired with the 500-dealership expansion.

Sales have shown robust growth, from 130 units in October 2022 to a peak of 1,814 in October 2023. The upward trend continued in 2024, hitting a high of 3,114 units in October. A3,998 units have been sold since inception. The ₹161 crore investment will support further growth through new products and an expanded dealership network, aiming to capitalise on this momentum.

India’s electric two-wheeler market is consolidating, with major players like Ola Electric, TVS Motor, Bajaj Auto, Hero Vida, and Ather Energy expected to dominate by 2027. BGauss, a top-10 player with a 1-2% market share, aims to expand its presence through increased production, new product launches, and dealership growth. However, competition from established brands with more extensive dealership networks and scale. Potential demand fluctuations, as seen in sales dips, add further complexity.

Bharat Value Fund, led by Madhu Lunawat, invests in growth-stage companies, often in Tier-II and Tier-III cities, with a corpus exceeding ₹3,000 crore raised recently (Series 2: ₹1,000 crore+ in 2024; Series 3: ₹1,250 crore in 2025). BVF actively guides its portfolio firms—such as Haldiram Bhujiawala (₹235 crore) and Millennium Babycares (₹122 crore)—aiming for IPO exits within three years. With Pantomath Capital Management’s track record of 109 IPOs, BVF’s investment signals a potential path to a public listing for BGauss by 2027-2028, leveraging its top-10 status and growth momentum  With a product lineup spanning the B8 to the RUV 350, ₹213 crore in funding, and 33,998 units sold, BGauss blends its premium roots with BVF’s growth-focused strategy to penetrate the EV market more deeply, both at home and abroad.