Latest News | BLive Looking to Raise USD 5 Million in Next 6 Mths
Get latest articles and stories on Latest News at LatestLY. BLive, a multi-brand electric vehicle platform, is looking to raise USD 5 million in the next six months, its CEO and co-founder Samarth Kholkar said on Friday.
New Delhi, Nov 24 (PTI) BLive, a multi-brand electric vehicle platform, is looking to raise USD 5 million in the next six months, its CEO and co-founder Samarth Kholkar said on Friday.
The investor interest in BLive is "strong", Kholkar said, adding that the company is hopeful of making a funding-related announcement in the next six months.
"We have raised under USD 2 million over a period of time, and we are looking to raise USD 5 million now because our primary interest is to invest in technology and people.
"Technology, because we are a platform at the end of the day, which has a lot of data coming in, now it is time to consolidate, extrapolate and use the latest technology, including blockchain to ensure we can scale up our business from a typical 10X to a 100X," he said.
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BLive is looking to double its revenue to about Rs 100 crore in FY25 and is aiming for profitability in 12 months timeframe.
"So to boost that, we need a strong tech platform, which will help us reach that scale...to that milestone," Kholkar told PTI on the sidelines of the Digital Acceleration & Transformation Expo (DATE) here.
BLive's revenue growth will be driven by the use of technology, he said, and pointed out that "we have the right levers for business already in place, which is essentially the market and the product".
On fundraising plans, Kholkar said the interest is coming in from green funds, climate tech funds based not only in India but the US and European markets.
"At the same time, people who are in the automotive space, also find that this is a beautiful democratisation of automobile space that we are creating, and they are also looking at it not just as an India case study but also something that can be easily adopted in the international markets," he said.
BLive is India's first multi-brand EV platform offering a wide range of EV products and services on a digital platform. With multiple brands listed on its platform, BLive offers an omnichannel experience to its buyers -- an online e-commerce store and premium experience stores pan India.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)