eBikeGo, an electric two-wheeler mobility platform, has acquired tech firm Kustard Technologies, a digital product and innovation studio, for $2 million. Kustard Technologies has registered a growth in three years since its inception, expanding at a profitable rate of 60 percent prior to the acquisition. With this acquisition, eBikeGo plans to build FMS (Fleet Management System) to work with delivery giants such as Amazon, Flipkart, Big Basket and more. It will also aid remote diagnostics of EVs to achieve preventative maintenance such as monitoring vehicle health, motor, battery, controller, etc.
Along with the acquisition of the company, eBikeGo has also expanded its team by onboarding 20 leading and skilled developers from the EV tech industry, in order to contribute to product, design, innovation as well as UI and UX.
With the help of the newly-acquired Kustard Technologies team, eBikeGo is already in the works to develop an IoT system that will strengthen EBG Matics mobility devices. This will result in smarter fleets making them more efficient in the Indian electric vehicle ecosystem. This device follows the 0.5 – 5 – 50 formula, in which 0.5 indicates that the vehicle should be repaired within the first half an hour in the event of any downtime or fault, 5 indicates that vehicles and their assets should last at least 5 years, and 50 indicates that the maintenance should account for only half of the cost.
With the rise in their adoption, Electric Vehicle insurance and financing are now significantly less expensive. EBG Matics’ data may be used by Electric Vehicle fleets to determine which models are ideal for obtaining the best financing. It will also help the insurance agencies with riders’ safety data which can be further used to modify their insurance policies.
Source: Financial Express