Son Nguyen, creator and ceo of Dat Bike Dat Bike, a Vietnamese start-up with aspirations to end up being the leading electrical motorbike company in Southeast Asia, has actually raised$ 2.6 million in pre-Series A financing led by Jungle Ventures. Made in Vietnam with mainly domestic parts, Dat Bike’s selling point is its capability to compete with gas motorcycles in regards to prices and efficiency. Its brand-new funding is the very first time
Jungle Ventures has invested in the movement sector and consisted of participation from Wavemaker Partners, Hustle Fund and iSeed Ventures. Founder and president Son Nguyen started finding out how to build bikes from scrap parts while working as a software application engineer in Silicon Valley. In 2018, he returned to Vietnam and introduced Dat Bike. More than 80% of families in Indonesia, Malaysia, Thailand and Vietnam own two-wheeled lorries, but the bulk are fueled by gas. Nguyen informed TechCrunch that many individuals want to change to electrical motorcycles, however a major challenge is efficiency.
Nguyen stated that Dat Bike uses 3 times the efficiency (5 kW versus 1.5 kW) and 2 times the range (100 km versus 50 km) of most electrical motorcycles in the market, at the very same price point. The business’s flagship motorbike, called Weaver, was produced to contend versus gas motorbikes. It seats 2 people, which Nguyen noted is an essential selling point in Southeast Asian nations, and has a 5000W motor that speeds up from 0 to 50 km per hour in three seconds. The Weaver can be completely charged at a basic electrical outlet in about 3 hours, and reach up to 100 km on one charge (the motorbike’s next version will go up to 200 km on one charge).
Dat Bike’s opened its very first physical store in Ho Chi Minh City last December. Nguyen stated the business “has actually shipped a few hundred motorbikes so far and still have a stockpile of orders.” He added that it saw a 35% month-over-month development in brand-new orders after the Ho Chi Minh City shop opened.
At 39.9 million dong, or about $1,700 USD, Weaver’s prices is likewise similar to the mean cost of gas motorcycles. Dat Bike partners with banks and financial institutions to offer consumers twelve-month payment plans without any interest.
“These men are taking on each other to put the emerging middle class of Vietnam on the digital monetary market for the very first time ever and as a result, we get an extremely favorable rate,”he stated. While Vietnam’s federal government hasn’t executed aids for electrical motorbikes yet, the Ministry of Transport has proposed new guidelines mandating electric infrastructure at parking area and bike stations, which Nguyen said will increase the adoption of electrical automobiles. Other Vietnamese business making electric two-wheeled automobiles include VinFast and PEGA.
Among Dat Bike’s benefits is that its bikes are established in house, with locally-sourced parts. Nguyen stated the advantages of manufacturing in Vietnam, instead of sourcing from China and other nations, consist of streamlined logistics and a more efficient supply chain, because most of Dat Bike’s suppliers are also domestic.
“There are likewise big tax advantages for being regional, as import tax for bikes is 45% and for bike parts varying from 15% to 30%,” stated Nguyen. “Trade within Southeast Asia is tariff-free though, which means that we have a competitive advantage to expand to the area, compare to foreign imported bikes.”
Dat Bike plans to expand by developing its supply chain in Southeast Asia over the next two to three years, with the aid of financiers like Jungle Ventures.
In a declaration, Jungle Ventures establishing partner Amit Anand stated, “The $25 billion two-wheeler market in Southeast Asia in specific is ripe for reaping advantages of new advancements in electrical automobiles and automation. We believe that Dat Bike will lead this charge and create a new benchmark not just in the area but potentially internationally for what the next generation of two-wheeler electric vehicles will carry out and look like.”
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.