GoZero mobility is looking forward to closing $500,000 million funding by June next fiscal, the name of the investors has not been disclosed.

Headquartered in Birmingham the company manufactures premium electric performances bikes and signature lifestyle merchandise. It raised its first investment from Kriti Solar in January 2019 amounting to $250,000 million.

The Company aims to use the funding for expanding the distribution networks in India and is planning to increase

the number of its distributors from 21 to 100 to enhance the market through their retail network in the next five years.

GoZero will introduce three new products in FY21 April to be priced around 25,000. First B2B product GoZero ‘Deliver’ will choose the delivery ecosystem. Second, GoZero ‘Lite’ will be a mass segment product which will be launched in August, under Rs 20,000. The third product will be launched around the festive season targeting the attention of the women customers.

Other than trading in India, Africa, and South East Asia, the company wants to find distribution partners in Africa and an assembly unit in Canada. The firm is looking forward to establish 19 centers in India which will primarily be franchise-owned, with a retail center for e-bikes.

GoZero’s 65 percent of sales are generated online through Amazon, while 35 percent come from offline retail networks and dealer distributors. The company has been able to increase 125 units in January this year, and its targeting to sell 3000 units per annum in the next fiscal.