Baaz Bikes Board Clears Rs 46.22 Cr Series B Share Issue
Baaz Bikes has cleared a Rs 46.22 crore Series B round. BIG Capital puts in Rs 38 crore, but the price per share has not moved since July 2025.
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Quick Take
- Baaz Bikes’ board has cleared 6,105 Series B preference shares at Rs 75,716 each, raising Rs 46.22 crore.
- BIG Capital invests Rs 38 crore, Kalaari Capital Rs 8 crore and Rapido co-founder Aravind Sanka about Rs 22.46 lakh.
- The Rs 75,716 price per share is unchanged from July 2025, so the Series B carries no markup.
New Delhi startup Baaz Bikes has cleared a Rs 46.22 crore Series B round, issuing 6,105 preference shares at Rs 75,716 each.
Entrackr, which reviewed the filing, reported the round on November 13 and put the post-money value at about Rs 325 crore. The same Rs 75,716 price appeared in the July 2025 extended Series A, which sold 2,521 shares to raise Rs 19.08 crore.
What the Baaz Bikes Series B Filing Shows
BIG Capital leads with Rs 38 crore. Kalaari Capital, already an investor, adds Rs 8 crore. Aravind Sanka, co-founder of bike taxi platform Rapido, takes the balance.
That balance is about Rs 22.46 lakh. We reached it by subtracting the two larger cheques from the Rs 46.22 crore total.
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BIG Capital’s cheque is 4.5 times the Rs 8.36 crore it put in during July 2025. Kalaari Capital’s has nearly doubled from Rs 4.35 crore.
At Rs 325 crore the new money buys 14.2% of Baaz Bikes. The comparable post-money figure in July 2025 was about Rs 278 crore. Fresh capital accounts for almost all of that rise.
The price per share did not move. This is a flat round, not a step up.
Where the Money Goes
The filing lists three uses for the Rs 46.22 crore: product development, capital spending and working capital.
Baaz Bikes rents purpose-built electric scooters to delivery riders on a monthly subscription that covers battery swaps. The riders who use them work for Zomato, Swiggy, Zepto and Amazon.
The swap stations sit inside Tata Power-DDL grid substations in Rohini, under a December 2024 agreement.
Anubhav Sharma and Shubham Srivastava, both IIT Delhi alumni, started Baaz Bikes in 2019. The registered company is Elec Torq Technologies. Kalaari Capital is the largest outside investor at 24.7%.
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Inc42 data drawn from the annual filings puts FY25 revenue at Rs 20.1 crore, up from Rs 5.3 crore. The loss nearly tripled to Rs 24.5 crore from Rs 8.47 crore.
Baaz Bikes is still the small one. Zypp Electric reported Rs 461 crore of FY26 revenue, and Yulu Rs 241.8 crore in FY25.
What this means for you
If you rent electric two-wheelers to delivery riders in Delhi NCR, Baaz Bikes now has Rs 46.22 crore to buy more fleet. Check your own monthly subscription price against Baaz Bikes’ Delhi plans before your next fleet order.
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