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Spero India’s first crowdfunded electric bike project unveiled

India’s first crowdfunded eco-friendly electric bike – Spero has been launched. The bike is the design of Coimbatore based 38-year old Manikandan. He has been working on this project for 3 yrs and is now all set to launch 3 models of his electric bike in India. Manikandan is trying to raise funds for his innovation on – a Bengaluru- based crowdfunding platform. Besides just funding this project, the people who have funded the project have the option of buying the e-bike through Fueladream.
Spero will be able to travel 30 kms on a single charge, with the battery charging as the rider pedals. Models that can go 60 kms and 100 kms are also available. The bike can go from 0-25 kmph in 10 seconds and is equipped with 5 gears in electric mode.
Spero is claimed to be made with a judicious mix of locally sourced materials and local ingenuity, & key imported components – The battery comes from Samsung, the motor and tyres come from partners in Korea.
The Spero ebike has alread raised Rs 9.6 lakh out of its Rs 30 lakh target. All 3 models of the bike will be available on pre-order and will range from Rs 29,900 to Rs 50,900 (40 per cent lower price than it would market with eventually).

There were only 22,000 units of electric vehicles, which include two- and four-wheelers, in the country till 31 March, according to industry lobby group Society of Manufacturers of Electric Vehicles (SMEV).

“We were so bowled over by the concept and the affordability of this product that we not only provided the platform but we also helped Mani with design advice and product architecture,” said Ranganath Thota, founder and chief executive of FuelADream, a crowd-funding platform.

Manikandan and his six-member team are hopeful that Spero, being environment-friendly and cost-effective, will receive healthy demand. The company hopes to sell 150,000 units of the bike between August (when deliveries start) to March next year.

The first fifty bikes in three models—e30, e60 and e100—will cost Rs55,500, Rs64,800 and Rs84,900 respectively, which will include cost of delivery.

Though the bike is manufactured in Coimbatore, the battery is from Samsung and the motor and tyres are from Korea.

The Milltex founders have infused around Rs60 lakh into the project so far and raised an additional Rs10 lakh to improve distribution and marketing through FuelADream. Supriya Paul, a member of team, says that the company would require about Rs1 crore to meet its immediate targets.

Thota of FuelADream said that the global market size for crowdfunding was around $34 billion in 2015 and will go upto $90 billion by 2025.