Ridepanda, a US-based e-ride startup that offers electric vehicles with maintenance support and theft protection, raised US$ 3.75 million in a Seed round led by Porsche Ventures on 30 June 2021.
Investors: The investment round featured Porsche Ventures as the lead investor with participation from Yamaha Motor Ventures, Proeza Ventures, and General Catalyst. The firm is also backed by Moving Capital, Alumni Ventures Group, Oyster Ventures, Lorimer Ventures and many other investors.
Purpose of the funding: The company seeks to utilize the funds to recruit fresh talent across the US. It also aims to curate new online and offline services to popularize the use of lightweight e-vehicles in American households.
Ridepanda is the pioneer of the online micro-mobility business. Established in 2020 by Charlie Depman and Chinmay Malaviya, the firm furnishes a cherry-picked range of e-bikes, e-mopeds and e-scooters, including critical additional services such as funding and servicing warranties and customized products. Ridepanda seeks to reshape e-vehicle ownership and service to make it exciting and straightforward. The company envisages building a world with merrier, more systematically planned towns and cities that operate on compact and environment-friendly electric rides. It is joining hands with the San Mateo province’s service provider Peninsula Clean Energy to provide flawless digital service.
What the Founder has to say: “It’s exhilarating to get associated with a mission-oriented pool of angel investors. Our investors are leaders in the vehicle and parts production domain and can offer necessary guidance. We hope to cater for the rising demand for compact e-vehicle ownership while offering a secure and flawless online buying and ownership platform to our users.”- Chinmay Malaviya, Co-founder and CEO of Ridepanda.
What the Investors have to say: “Evidently, Ridepanda is a leader in the rapid-developing e-ride industry. We feel happy to fund the online platform in its early days. The company aims to meet the over-flowing demand for electric vehicles. It feels delightful to assist a mission-driven company, committed to revolutionizing the automobile sector, in achieving its needs.”- Stephan Baral, Head of Porsche Ventures US Region. “Post pandemic models show evidence that consumers would prefer using more sustainable and less bulky vehicles. We are delighted to invest in Ridepanda, who we suspect is well placed to become the most trusted enterprise in the e-mobility industry.”- Enrique M. Zambrano, Principal at Proeza Ventures.
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