Son Nguyen, founder and chief government officer of Dat Bike
Dat Bike, a Vietnamese startup with ambitions to develop into the highest electrical bike firm in Southeast Asia, has raised $2.6 million in pre-Series A funding led by Jungle Ventures. Made in Vietnam with principally home elements, Dat Bike’s promoting level is its potential to compete with gasoline motorbikes when it comes to pricing and efficiency. Its new funding is the primary time Jungle Ventures has invested within the mobility sector and included participation from Wavemaker Partners, Hustle Fund and iSeed Ventures.
Founder and chief government officer Son Nguyen started studying how one can construct bikes from scrap elements whereas working as a software program engineer in Silicon Valley. In 2018, he moved again to Vietnam and launched Dat Bike. More than 80% of households in Indonesia, Malaysia, Thailand and Vietnam personal two-wheeled autos, however the majority are fueled by gasoline. Nguyen instructed TechCrunch that many individuals wish to change to electrical motorbikes, however a serious impediment is efficiency.
Nguyen stated that Dat Bike gives thrice the efficiency (5 kW versus 1.5 kW) and a couple of occasions the vary (100 km versus 50 km) of most electrical motorbikes available in the market, on the identical worth level. The firm’s flagship bike, referred to as Weaver, was created to compete towards gasoline motorbikes. It seats two individuals, which Nguyen famous is a vital promoting level in Southeast Asian nations, and has a 5000W motor that accelerates from zero to 50 km per hour in three seconds. The Weaver will be absolutely charged at a normal electrical outlet in about three hours, and attain as much as 100 km on one cost (the bike’s subsequent iteration will go as much as 200 km on one cost).
Dat Bike’s opened its first bodily retailer in Ho Chi Minh City final December. Nguyen stated the corporate “has shipped a few hundred motorbikes so far and still have a backlog of orders.” He added that it noticed a 35% month-over-month development in new orders after the Ho Chi Minh City retailer opened.
At 39.9 million dong, or about $1,700 USD, Weaver’s pricing can be similar to the median worth of gasoline motorbikes. Dat Bike companions with banks and monetary establishments to supply customers twelve-month fee plans with no curiosity.
“These guys are competing with each other to put the emerging middle class of Vietnam on the digital financial market for the first time ever and as a result, we get a very favorable rate,” he stated.
While Vietnam’s authorities hasn’t carried out subsidies for electrical motorbikes but, the Ministry of Transportation has proposed new rules mandating electrical infrastructure at parking heaps and bike stations, which Nguyen stated will improve the adoption of electrical autos. Other Vietnamese firms making electrical two-wheeled autos embody VinFast and PEGA.
One of Dat Bike’s benefits is that its bikes are developed in home, with locally-sourced elements. Nguyen stated the advantages of producing in Vietnam, as an alternative of sourcing from China and different nations, embody streamlined logistics and a extra environment friendly provide chain, since most of Dat Bike’s suppliers are additionally home.
“There are also huge tax advantages for being local, as import tax for bikes is 45% and for bike parts ranging 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 region, compare to foreign imported bikes.”
Dat Bike plans to develop by constructing its provide chain in Southeast Asia over the subsequent two to 3 years, with the assistance of buyers like Jungle Ventures.
In an announcement, Jungle Ventures founding companion Amit Anand stated, “The $25 billion two-wheeler business in Southeast Asia particularly is ripe for reaping rewards of latest developments in electrical autos and automation. We consider that Dat Bike will lead this cost and create a brand new benchmark not simply within the area however doubtlessly globally for what the subsequent era of…
