Porsche & Yamaha Invest in Ridepanda - E-Micromobility Dealership

Ridepanda Secures $3.75 Million to Expand Electric Micromobility Solutions

Ridepanda, an online dealership specializing in electric micromobility, has announced a successful funding round of $3.75 million. These funds will be strategically allocated to enhance the company’s engineering, product, and design teams, ultimately bolstering both its e-commerce platform and B2B offerings.

Growth in the Electric Micromobility Market

The company intends to strengthen its collaborations with delivery services and organizations that provide commuter benefits to employees who opt for electric vehicles.

Recent years have witnessed a significant surge in the sales of e-bikes and e-scooters. A Bicycle Association report highlighted a doubling of e-bike sales in the U.K. between January and October 2020, with a 92% year-over-year increase observed from April to September.

Deloitte forecasts that global e-bike sales will exceed 40 million units in 2023, generating revenue surpassing $22 billion. This increasingly favorable market landscape positions Ridepanda to potentially become a leading provider of electric bikes, scooters, and mopeds for both individual consumers and commercial fleets.

Ridepanda’s Vision for Urban Transportation

“A substantial 60% of car journeys are completed within a range of zero to five miles, and we believe a more efficient solution exists,” stated Chinmay Malaviya, CEO and co-founder of Ridepanda, in an interview with TechCrunch.

“While electric cars present one option, our vehicles offer advantages in terms of cost, accessibility, affordability, practicality, traffic management, storage, charging convenience, environmental impact, and overall enjoyment due to the associated health benefits.”

Current Offerings and Sales Figures

Based in San Francisco, Ridepanda currently ships to 48 U.S. states, providing a diverse range of light electric vehicles. These include e-scooters from Segway-Ninebot, e-bikes from Aventon, and e-mopeds from Niu.

Although the company has not disclosed precise sales numbers since its inception in 2019, Malaviya confirmed to TechCrunch that the total number of vehicles sold is in the thousands.

Popularity of Vehicle Types

According to co-founder and CTO Charlie Depman, e-bikes currently represent the most popular category, closely followed by scooters. While mopeds demonstrate potential for growth, Depman attributes lower sales figures in this segment to ongoing supply chain disruptions related to the pandemic.

Quality Assurance and Vehicle Vetting

Ridepanda prioritizes quality by thoroughly vetting each vehicle available on its platform. This ensures that all components are of high standard and readily available for repair or replacement, a valuable feature for owners of electric micromobility devices.

Personalized Recommendations and Ownership Experience

Customers visiting Ridepanda’s website benefit from a sophisticated recommendation engine. This tool assists them in selecting the most suitable vehicle based on their specific needs, whether for urban commuting or recreational use.

“Approximately one-fifth of our customers are unsure about the type of vehicle they require when they first visit our site,” Depman explained to TechCrunch. “We provide a ranked list of recommendations tailored to their intended use and preferred features, leading them to detailed product pages that showcase our dealership services, including maintenance plans and roadside assistance, to simplify vehicle ownership.”

Streamlined Delivery and Assembly Options

Vehicles are shipped directly to the customer, who has the option of self-assembly or professional home assembly performed by a trained technician.

Investing in Post-Purchase Support

The company aims to enhance this customer-centric approach with the new funding, focusing on automating post-purchase fulfillment and expanding after-sales service through its PandaCare app.

“PandaCare is our core dealership offering, encompassing maintenance, roadside assistance, and extended warranties,” Depman stated. “Our goal is for the app to provide access to these services, enabling customers to schedule mechanic visits, receive preventative maintenance notifications, and facilitate vehicle lifetime extension.”

Geographic Customization and Regulatory Compliance

Ridepanda is also developing a more localized approach to its product offerings, recognizing that laws, regulations, and incentive programs vary significantly by state.

The E-BIKE Act and Local Rebates

Representative Earl Blumenauer of Oregon introduced the Electric Bicycle Incentive Kickstart for the Environment (E-BIKE) Act in February. This bill proposes a 30% refundable tax credit for new e-bike purchases. Ridepanda anticipates facilitating increased sales should the bill pass through Congress.

Furthermore, Ridepanda is collaborating with Peninsula Clean Energy, the utility provider for San Mateo County, to implement local e-bike rebates, making them accessible to low-income communities at the point of sale.

“We are enthusiastic about our potential role as a technology partner and a consumer choice platform, seamlessly integrating and simplifying access to these rebates and subsidies,” Malaviya added.

Investment Details and Strategic Partnerships

The $3.75 million funding round, an extension of the company’s seed funding from the previous year, is led by Porsche Ventures, Yamaha Motor Ventures, and Proeza Ventures. Angel investor Toby Sun, co-founder of Lime, and Silicon Valley VC General Catalyst also participated.

“We stand to gain significantly from these partnerships,” Malaviya explained. “From Yamaha, we can leverage expertise in dealership management, supply chains, and vehicle access. Similarly, Porsche’s experience with high-end e-bikes, dealerships, and branding is invaluable. Proeza’s supply chain expertise will also be crucial. Importantly, Porsche is based in Germany, Yamaha in Japan, and Proeza in Latin America, which will be beneficial as we expand beyond the U.S.”