The Big Lessons Startups Can Learn from the Success of BuymyEV

Thanks to its innovative startups, India has leapt past many traditional developmental milestones and straight into the digital age. Confronted by the twin challenges of inadequate capacity and growing sustainability concerns, the sphere of urban mobility has witnessed some of the most transformational innovations. Leading the charge is one of India’s most successful indigenous manufacturers of electric two-wheelers, BuymyEV. Formed with a mission to "breathe life into EVs with fun and emotions while upholding the values of trust, durability, and safety," the company has reimagined the first- and last-mile urban commute with its range of foldable electric kick scooters and electric bikes. In a recent interview, Vivek Sharanappa, Co-Founder & CEO, BuymyEV Technology Pvt. Ltd., delved further into the reasons behind their success.

While there is an environmental need to create personal electric mobility solutions, there was an overwhelming business case for the founding of BuymyEV in 2019. The market for EVs in India is set to be worth Rs. 475 billion by 2025, as legions of semi-urban and rural Indians acquire private vehicles. The founders of BuymyEV hope that many of these will be electric two-wheelers like the ones they produce. The company is betting on the sheer sophistication and user friendliness of their products to win customers over. Speaking about how the company has fine-tuned its offerings, Vivek Sharanappa revealed that, "Since the bikes are IoT enabled and cloud connected, we could gather a good amount of data. These helped us to re-engineer our new version of the electric bike to provide the best ride comfort and value for money to our customers."

BuymyEV has also been fortunate enough to gain visibility at an early stage, which has brought their products to public attention. Recalling the company’s appearance at an open-air exposition in the UK, Vivek Sharanappa spoke about how pictures of the then Chief Minister of Karnataka, BS Yedyurappa, sitting astride BuymyEV’s electric bike gave a huge leg-up to the company. Additionally, BuymyEV has also benefited from forging new industry connections through their membership in the FIRST WINGS Startup Banking Program by IDFC FIRST Bank, which offers startups a plethora of specialised financial services, designed to resolve common challenges startups face at different stages of growth.

The association with IDFC FIRST Bank has been foundational for BuymyEV. "IDFC FIRST Bank gave us excellent service for all our banking needs. From then on, all our Corporate needs have been fulfilled by them", Vivek Sharanappa said. IDFC FIRST Bank's FIRST WINGS program has helped BuymyEV benefit from banking products tailored for startup needs and support in the form of mentoring and networking, which have helped lay a strong foundation. "You can take a leap of faith in business with a sound financial partner,", Vivek Sharanappa noted, referring to IDFC FIRST Bank’s ability to meet the diverse banking needs of startups with a range of smart products.

FIRST WINGS, IDFC FIRST Bank's Startup Banking program, will be a catalyst for BuymyEV's growth. As BuymyEV approaches its next round of funding, they look forward to IDFC FIRST Bank’s expert guidance and its structured solutions for fundraising. It’s a key moment in the journey of this promising startup, which has made headway into solving one of India’s most intractable problems. However, the founders of BuymyEV know that with a solid financial partner like IDFC FIRST Bank by their side, they have already won half the battle.

Just like this start-up, you can also aim for the success of your own startup with access to the right mentoring, networking, and fundraising avenues. Join Leap To Unicorn – an initiative by IDFC FIRST Bank, Money Control and CNBC TV18.

To know more about Leap To Unicorn and register for the initiative, visit https://www.moneycontrol.com/msite/leap-to-unicorn

 Moneycontrol journalists were not involved in the creation of this article.