MetroRide secures seed funding from a consortium of global investors
~The AI-first mobility start-up, fast-tracks product development and multi-city expansion~ Bengaluru, 12th August 2021: MetroRide, India’s first AI-based electric mobility platform today announced a seed funding from angel investors spread across Silicon Valley, New Jersey, and India including senior global executives like Shailesh Powdwal, Sudhir Pai, Bhagirath Tanna and successful serial entrepreneur Sushant Divakar. The funds will be used to expand its all green and 100 percent EV fleet’s footprint in Bengaluru& Delhi NCR. A part of this funding will go towards enhancing its AI engine - VIKI
Founded in the year 2020 by Girish Nagpal and Kaaman Agarwal, the company solves the problem of first and last-mile connectivity to high-frequency destinations like Corporate parks, Metro stations, Educational hubs, etc. The company operates through its AI-powered cloud-based application to provide 100 percent green travel solutions to its customers. MetroRide also aims to bolster the EV adoption landscape with its electric vehicles.
“This fresh infusion of funds indicates the trust and confidence of investors in new-age mobility startups like MetroRide. Unlike the other ride-hailing platforms, our shared e-mobility solution is built for the Affordable Daily Commute. We are excited and humbled to have received this funding, especially during these testing times. Today, we are asking people to give up their fossil fuel transport system and embrace the EV revolution with love”, said Girish Nagpal, CoFounder& CEO, MetroRide
“With three core objectives – “Scalability, Automation and Connected experience”, AI is not an option for us. Our AI engine VIKI is at the heart of everything we do. This 100 per cent cloud-based mobile application helps commuters to find a quick and hassle-free EV ride. Further, we are the only startup to solve customer safety by using AI-Based Fraud Detection systems. The new investment will be used for further strengthening the technology solutions, and enabling rapid expansion”, says Kaaman Agarwal, Co-founder & CTO, MetroRide.
“What excited us was the approach MetroRide has taken to address this global problem of Urban Commute using technology and sustainability as its core. Even during the COVID times, the company has crossed many commendable milestones. We are very happy to be a part of this journey with MetroRide’s passionate & competent team.” Says Shailesh Powdwal, an investor from the Silicon Valley, who invested in MetroRide’s pre-seed round and also participated in the current seed round.
With just 6 months since its launch, MetroRide has catered to 60,000 customers with an average of 2.01 minutes of wait time per ride. MetroRide is growing at the rate of 20% every week. Incepted with an intent to tackle problems linked to climate change, the startup attributes its success to the enthusiastic response of consumers. The company has won several national & international awards& accolades: NASSCOM’s NIPP Mobility Challenge 2020, “Act4Green”-India & UK Govt’s Cleantech Cohort, Climate Launchpad. The company received incubation with IIM Bangalore’s NSRCEL & NASSSCOM’s 10000 Startups”.
Founded by 2x entrepreneur Girish Nagpal &Kaaman Agarwal, MetroRide is a ride-hailing AI-First mobility platform offering first and last-mile connectivity to high-frequency destinations. The company has built various AI & IoT based solutions in house to create a rinse & repeat model. The platform leverages AI &huge data points for analytics to deliver a hassle-free experience. The company has won several national & international awards for its innovative approach to addressing the global issue of urban mobility. MetroRide aims to target India and the USA as its primary markets and become a global player in the urban mobility sector.