Electric two-wheeler mobility platform eBikeGo has acquired Kustard Technologies, a digital product and innovation studio for $2 million (Rs 14.8 crore) with an aim to expand its offering for the EV industry.
The company says the acquisition will help build its FMS (Fleet Management System) empowering massive delivery giants such as Amazon, Flipkart, Big Basket and more with performance led technologies. It will also aid remote diagnostics of EVs to achieve preventative maintenance such as such as monitoring vehicle health, motor, battery and controller among others.
eBikeGo claims that Kustard Technologies has shown an impressive growth throughout the 3 years since its inception, expanding at a profitable rate of 60% prior to the acquisition.
In addition, eBikeGo will also expanded Kustard Technologies’ team by onboarding 20 skilled developers from the EV tech industry, in order to contribute on product, design, innovation as well as UI and UX. With the new acquisition the company is in works to develop an IoT system which will strengthen its EBG Matics mobility devices, which will result in smarter fleets. The device follows the 0.5 – 5 – 50 formula, in which 0.5 indicates that the vehicle should be repaired within the first half an hour in the event of any downtime or fault, 5 indicates that vehicles and their assets should last at least 5 years, and 50 indicates that the maintenance should account for only half of the cost.
Dr. Irfan Khan, founder and CEO, eBikeGo said: “We are extremely happy to acquire one of the burgeoning tech firms, Kustard Technologies, to help push the EV industry to the next level with cutting-edge technology. Every year, approximately 25 million petrol two-wheelers are sold in India. Previously, less than 0.15 million electric two-wheelers have been sold, accounting for just 0.6 percent of overall two-wheeler sales. One of the major reasons for this is that most electric two-wheeler vehicles today are not connected to IoT (Internet of Things) making the user devoid of a complete, dependable digital experience. eBikeGo's vision with this purchase is to transform electric vehicles into smart connected vehicles.
Javed Khatri, founder and CEO, Kustard Technologies said “At Kustard, we always knew that we had a kickass team that has a proven track record of shipping great products consistently, however a solid purpose was missing and eBikeGo with its vision, gave us that opportunity to make a difference in people’s lives and change the world for good. Every line of code we write, every pixel we design, every feature we ship, directly impacts the environment and hence mankind. This compelled us to join hands with eBikeGo. EBG Matics is a revolutionary technology which is unlike any other telematics device. It analyses rider and vehicle behaviour using AI and machine learning to track and optimise efficiency for the user.”
Mandar Sawant and Udaykumar Naidu, co-founders, Kustard Technologies said: “We joined hands with eBikeGo to create technology which has a larger impact on the environment and the gains are long-term. Together, we aim to build products to create a carbon negative world with the help of technology.”