Vietnamese electric motorbike startup Dat Bike raises $2. 6M led by Jungle Schemes

Son Nguyen, founder and ceo of Dat Bike on a of the startup's motorbikes

Boy Nguyen, founder and chief executive officer of Dat Bike

Dat Bike , a meaningful Vietnamese startup with goals and objectives to become the top electric bike company in Southeast Asian countries, has raised $2. six- million in pre-Series Your funding led by Jungle Ventures. Made in Vietnam through mostly domestic parts, Dat Bike’s selling point is home ability to compete with gas bikes in terms of pricing and performance. Its certainly new funding is the first time Jungle Ventures has committed to the mobility sector on top of that included participation from Wavemaker Partners, Hustle Fund furthermore iSeed Ventures.

Founder and chief executive officer Child , Nguyen began learning how to install bikes from scrap materials while working as a request engineer in Silicon Valley. By 2018, he moved back again Vietnam and launched Dat Bike. More than 80% of family members in Dalam negeri, Malaysia, Thailand and Vietnam own two-wheeled vehicles, still majority are fueled next to gas. Nguyen told TechCrunch that many people want to switch to thumping motorbikes, but a major impediment is performance.

Nguyen explained Dat Bike offers 3 times the performance (5 kW versus 1 . 5 kW) and 2 times the range (100 km versus 50 km) of most electric motorbikes to the market, at the same price point. The company’s flagship motorbike, called Weaver, was created to compete against gasoline motorbikes. Which seats two people, which Nguyen noted is an important selling point when it comes to Southeast Asian countries, and has the perfect 5000W motor that multiplies from 0 to 45-55 km per hour in various seconds. The Weaver are typically fully charged at a recognized standard electric outlet in about three hrs ., and reach up to 100 km during one charge (the motorbike’s approaching iteration will go up to a couple of km on one charge).

Dat Bike’s opened its first vigorous store in Ho Chihuahua Minh City last 12. Nguyen said the company “has shipped a few hundred bikes so far and still have a backlog of orders. ” My husband added that it saw a 35% month-over-month growth in state of the art orders after the Ho Chi Minh City store ongoing.

At 39. 9 million dong, or perhaps about $1, 700 $, Weaver’s pricing is also corresponding to the median price of flatulencia motorbikes. Dat Bike newlyweds with banks and financial institutions to offer consumers twelve-month rate plans with no interest.

“These guys are competing together to put the emerging central class of Vietnam around digital financial market at last ever and as a result, we get an immensely favorable rate, ” they said.

As Vietnam’s government hasn’t completed subsidies for electric motorcycles yet, the Ministry having to do with Transportation has proposed cutting edge regulations mandating electric and also at parking lots and biking stations, which Nguyen wanted to say will increase the adoption of electrical vehicles. Other Vietnamese insurers making electric two-wheeled trucks include VinFast and TRABA.

One of Dat Bike’s advantages is that its very own bikes are developed internally, with locally-sourced parts. Nguyen said the  benefits of manufacturing in Vietnam, instead of finding from China and other countries, may include streamlined logistics and a better supply chain, since the Dat Bike’s suppliers are additionally domestic.

“There are also huge tax advantages for being local, as einfuhr tax for bikes is also 45% and for bike environment ranging from 15% to 29%, ” said Nguyen. “Trade within Southeast Asia happens to be tariff-free though, which means that there is a competitive advantage for expand to the region, out-do foreign imported bikes. ”

Dat Bike plans to expand by building its supply chain as Southeast Asia over the further two to three years, with the help of investment driven like Jungle Ventures.

In a statement, Woodland Ventures founding partner Amit Anand said, “The $25 billion two-wheeler industry into Southeast Asia in particular is considered to be ripe for reaping added benefits new developments in electronic vehicles and automation. We feel that Dat Bike is designed to lead this charge produce a new benchmark not just in the community but potentially globally so it the next generation of two-wheeler electric powered vehicles will look and have fun like. ”

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