Vietnamese electrical motorcycle startup Dat Bike raises $2.6M led by Jungle Ventures – TechCrunch

by akoloy

Son Nguyen, founder and chief executive officer of Dat Bike on one of the startup's motorbikes

Son Nguyen, founder and chief government officer of Dat Bike

Dat Bike, a Vietnamese startup with ambitions to grow to be the highest electrical motorcycle firm in Southeast Asia, has raised $2.6 million in pre-Series A funding led by Jungle Ventures. Made in Vietnam with principally home components, Dat Bike’s promoting level is its capacity to compete with gasoline motorbikes by way of pricing and efficiency. Its new funding is the primary time Jungle Ventures has invested within the mobility sector and included participation from Wavemaker Partners, Hustle Fund and iSeed Ventures.

Founder and chief government officer Son Nguyen started studying easy methods to construct bikes from scrap components whereas working as a software program engineer in Silicon Valley. In 2018, he moved again to Vietnam and launched Dat Bike. More than 80% of households in Indonesia, Malaysia, Thailand and Vietnam personal two-wheeled automobiles, however the majority are fueled by gasoline. Nguyen advised TechCrunch that many individuals need to change to electrical motorbikes, however a serious impediment is efficiency.

Nguyen mentioned that Dat Bike presents thrice the efficiency (5 kW versus 1.5 kW) and a pair of instances the vary (100 km versus 50 km) of most electrical motorbikes out there, on the similar value level. The firm’s flagship motorcycle, referred to as Weaver, was created to compete towards gasoline motorbikes. It seats two folks, which Nguyen famous is a crucial promoting level in Southeast Asian international locations, and has a 5000W motor that accelerates from 0 to 50 km per hour in three seconds. The Weaver will be totally charged at a regular electrical outlet in about three hours, and attain as much as 100 km on one cost (the motorcycle’s subsequent iteration will go as much as 200 km on one cost).

Dat Bike’s opened its first bodily retailer in Ho Chi Minh City final December. Nguyen mentioned the corporate “has shipped a few hundred motorbikes so far and still have a backlog of orders.” He added that it noticed a 35% month-over-month progress in new orders after the Ho Chi Minh City retailer opened.

At 39.9 million dong, or about $1,700 USD, Weaver’s pricing can also be corresponding to the median value of gasoline motorbikes. Dat Bike companions with banks and monetary establishments to supply shoppers twelve-month cost plans with no curiosity.

“These guys are competing with each other to put the emerging middle class of Vietnam on the digital financial market for the first time ever and as a result, we get a very favorable rate,” he mentioned.

While Vietnam’s authorities hasn’t applied subsidies for electrical motorbikes but, the Ministry of Transportation has proposed new rules mandating electrical infrastructure at parking heaps and bike stations, which Nguyen mentioned will improve the adoption of electrical automobiles. Other Vietnamese corporations making electrical two-wheeled automobiles embody VinFast and PEGA.

One of Dat Bike’s benefits is that its bikes are developed in home, with locally-sourced components. Nguyen mentioned the advantages of producing in Vietnam, as an alternative of sourcing from China and different international locations, embody streamlined logistics and a extra environment friendly provide chain, since most of Dat Bike’s suppliers are additionally home.

“There are also huge tax advantages for being local, as import tax for bikes is 45% and for bike parts ranging from 15% to 30%,” mentioned Nguyen. “Trade within Southeast Asia is tariff-free though, which means that we have a competitive advantage to expand to the region, compare to foreign imported bikes.”

Dat Bike plans to increase by constructing its provide chain in Southeast Asia over the following two to 3 years, with the assistance of traders like Jungle Ventures.

In an announcement, Jungle Ventures founding associate Amit Anand mentioned, “The $25 billion two-wheeler industry in Southeast Asia in particular is ripe for reaping benefits of new developments in electric vehicles and automation. We believe that Dat Bike will lead this charge and create a new benchmark not just in the region but potentially globally for what the next generation of two-wheeler electric vehicles will look and perform like.”

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