Also launches electric bicycle operations in Ganderbal
Irfan Tramboo
Srinagar, Feb 12: With plans to expand into ten additional cities over the next three years, Curve Electric—the rapidly growing micro-mobility startup from J&K—has successfully raised one million dollars in funding, with contributions from several prominent angel investors.
The funding round attracted notable individuals including Jinesh Shah from Omnivore, Abhishek Agarwal from Accion, seasoned angel investor Komal Nailwal, and Foreign Direct Investment (FDI) from the Netherlands.
“This strategic investment highlights Curve Electric’s potential as a significant contributor to sustainable urban transportation,” the company remarked.
The funds will support the company’s expansion efforts and technological innovations, facilitating the scaling of operations and improved accessibility.
The investment signifies a commitment to revolutionizing urban transportation with sustainable mobility solutions, which address pressing challenges such as traffic congestion and pollution.
Founded by Sheikh Yameen and Zubair Bhat, Curve Electric is actively combating congestion and pollution in tourist areas through its pioneering e-bike-sharing platform.
Recently, the startup showcased its vision on ‘Shark Tank India’, earning substantial recognition and praise for its clear direction and robust business model.
In just two years of operation, Curve Electric has reached remarkable milestones, including over 60,000 rides, 750,000 kilometers traveled, and the offset of 150 metric tonnes of carbon emissions.
With 100 e-bikes operating across 11 docking stations in Srinagar, the service boasts a 50% user retention rate, serving 80% local riders and 20% tourists.
“This investment emphasizes the potential of sustainable innovation in our region. At Curve Electric, we strive not only to protect the natural beauty of Kashmir but also to reshape mobility for future generations, creating hope and opportunities for our community,” stated Sheikh Yameen, co-founder of Curve Electric.
In a conversation with Excelsior, Yameen mentioned that following the establishment of electric bicycle operations in Srinagar, the company has now extended its services to Ganderbal, where it has set up nine docking stations.
He also pointed out the startup’s contribution to job creation. “We began with 10 employees, and now we have grown to 25. With the new funding, we anticipate creating even more job prospects,” he shared.
When asked about the limits of expansion within Srinagar, Yameen explained that a survey conducted in partnership with Srinagar Smart City revealed no immediate need for more growth, prompting the company to prioritize other regions.
Anuj Sharma, founder of ALSiSAR Impact and a key investor in Curve Electric, praised the company’s initiatives, stating: “We aim to empower businesses centered on sustainability. Curve Electric embodies how innovation can safeguard the environment while promoting economic development.”
Looking ahead, Yameen mentioned plans to expand into 10 cities across the Himalayan region in the next three years.
The company is also investigating off-grid solutions, such as solar-powered charging stations, to establish a completely sustainable e-bike ecosystem.
Moreover, by collaborating with hotels and resorts for docking station setups, Curve Electric seeks to foster eco-friendly tourism, further contributing positively to both the local economy and environment.
