11/04
2020
Immotor Raised around 200 million RMB in Series C1 Funding
11/04
Immotor, the leading company that provides battery switching services for two-wheeled electric bicycle (EB) users, recently announced it has raised about 200 million RMB in a series C1 funding round. The new investors of the round include China Southern Power Grid Capital Holdings, 57Stars, IDinvest Partners, PKSHA SPARX Algorithm Fund, and the existing ones such as Asia Green Fund（AGF）, Mirae Asset Group and YongWan Capital, increased their holdings.
The capital will target at the further improvement of battery switching service network and its ecosystem, as well as the expansion of outlets and service coverage to bring safer and faster user experience to 300 million EB users in China, said Daniel Huang, Founder and CEO of the company.
In addition, the company is accelerating its in-depth cooperation with the upper and down stream EB value chains and the partners of the ecosystem to jointly promote infrastructure construction of green smart battery switching service network.
As a leading company of EB smart battery switching industry and a pioneer of ‘3-sec battery switching service provider’ in China, Immotor is now operating in over 50 cities, with daily battery switching of 500 thousand times. The total switching reaches 180 million times and the miles powered by Immotor’s services has reached more than 1.8 billion kilometers.
In recent years, new business modes such as intra-city delivery, fresh food delivery and home-delivery have been mushrooming, the COVID-19 pandemic further accelerated this trend. The fast-growing market demand helps Immotor’s service network to go wider and to cover both business customer like Meituan, Eleme, SF Express and Dingdong as well as individuals.
Immotor’s practice proves to have addressed customers’ difficulty to charge battery and avoided potential safety issues that may occur when individual customers engage in battery-charging practice themselves.
Daniel believes that the potential market of EB battery switching can be around 150 billion RMB. The sector growth in many cities is still at early stage but may see a huge space for further improvement in coming years. There is a lot Immotor could do in China’s wave of ‘new infrastructure construction’.
AGF is the largest institutional shareholder of Immotor. In December, 2018, AGF invested in Immotor via its U.S.-China Green Fund I, and has added input in this round. ‘We are confident about the future of EB battery switching service industry, and much recognize Immotor’s product line and the management team’s vision and good execution. The company has been growing rapidly since our first investment and we are looking forward to seeing Immotor’s better and more established future.’ said Yu Le, Investment Director of AGF.