E-bike company Gin E-bikes plans to use the half a million pounds it has secured in funding to support its expansion into Ukraine and encourage electric mobility in the region.
It also aims to use the funding to expand across Europe and the US and to launch new models.
The sum of £510,000 comes from the Ukrainian investment company Toloka.vc, a syndicate of private investors which have invested over $200 million in the past.
“Given the political situation, it’s not easy for people in Eastern or Central Ukraine to spend a lot of money on cars. So electric mobility becomes one of the key things to promote there,” Gin E-bikes Co-Founder Rahul Pushp told Zag Daily.
Inspiration for the expansion also comes from Gin E-bike’s co-founder Marina Vlasenko who comes from Ukraine.
“Marina knows the region in and out,” Rahul said. “She knows the political issues, but also the demographics and the language which is the most important thing. You can’t set up a company in Ukraine without the help of Ukrainian citizens because you need to know the local culture and its language.”
Gin E-Bikes plans on setting up an assembly unit in Western Ukraine to serve the larger markets of the entire country as well as Poland.
The e-bike company, known for its hybrid e-bikes designed to travel long distances, also plans to use the funding to develop an electric cargo bike suited for delivery, as well as other e-bike models. Having seen some of its thousands of customers attach accessories to convert their Gin e-bike into a personal cargo bike, the company feels its time to pursue the project formally this year.
“We want to enter the cargo sector fully-fledged.”
Other areas Gin E-bikes will channel the funding into is R&D, marketing, and expanding the team with a customer service focus. Alongside the funding, the e-bike company hopes to reach 200 to 350 units per month by the end of 2024.
“Two things are happening in the sector. Demand for e-bikes is increasing because of increased fuel prices and traffic congestion. And it’s also difficult for e-bike companies to compete with so many new brands surfacing.
“It’s difficult for the average person to buy an e-bike in today’s climate without having to save up for a few months at least. That’s why we’re pushing our flagship model at a cheaper price.”