Electric two-wheeler startup Electriq raised undisclosed funds from Yamaha Motors’ subsidiary Moto Business Service India (MBSI). It is the 14th investment made by MBSI this year (2022).
Electriq is an IT-based, web- and app-based platform for tracking electric vehicles and their drivers. It operates through both business-to-business and business-to-consumer channels. Prior to this, MBSI invested in Royal Brothers-bike India’s rental business, Rentelo, an electric startup, and Rapido, a ride-hailing startup, among others. MBSI has partnered with Electriq to launch 1250 electric scooters and 50 electric cycles in Hyderabad, Karnataka, using current fundraising. Yamaha also plans to manage 5,000+ electric vehicles in Hyderabad and other cities with Electriq this fiscal year, according to the startup.