Online seller Ridepanda announced it received a combined $3.75 million in financing to support growth in e-bikes
New investors are Porsche Ventures, Yamaha Motor Ventures, Proeza Ventures, Moving Capital, Alumni Ventures Group, Lorimer Ventures, and Oyster Ventures. Existing investor General Catalyst included.
“We are so fortunate to partner with mission-aligned strategic investors to help bring Ridepanda’s vision to life,” said Chinmay Malaviya, Ridepanda co-founder and CEO. “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. As people start going back into the office, we’re excited to help employers provide climate-smart, safe, and practical ways of commuting.”
In addition to e-bikes, Ridepanda markets e-mopeds and e-scooters with financing, extended warranties and customer services, including assembly at home or at a nearby shop.
“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 micromobility at such an early stage,” said Stephan Baral, head of Porsche Ventures Region U.S. “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.”
Photo courtesy Ridepanda
