Dat Bike transitions to full foreign ownership, launches new models
Cafef.vn, 15 Nov '24
Dat Bike Vietnam, the electric vehicle startup, has now transitioned to being fully foreign-owned, with 100% of its capital sourced from Singapore.
Recently, Dat Bike introduced three new models in its Quantum S-series - Quantum S1, S2, and S3 - offering a range of specifications and prices to cater to varying customer preferences. This launch aligns with the rapid growth of VietnamÂ?s electric vehicle market, underscored by partnerships such as those of Xanh SM.
The simultaneous release of three new products represents a significant milestone for Dat Bike, which has been striving to capture VietnamÂ?s electric two-wheeler market since its establishment in 2019.
Founded by software engineer Nguyen Ba Canh Son, Dat Bike began its journey in 2019 as an electric motorcycle company.
In September 2019, CEO Son appeared on a television reality show, where he received constructive feedback from investors. Subsequently, Dat Bike entered a rapid growth phase, reportedly increasing its revenue by 4,000% and achieving a 35% monthly growth in sales.
By late 2022, the company had successfully raised US$ 2.6 million from Jungle Ventures, with contributions from Wavemaker Partners, Hustle Fund, and iSeed Ventures. This funding enabled Dat Bike to focus on technological advancements, particularly for models like the Weaver 200.
In its most recent funding round, Dat Bike secured a US$ 4 million convertible loan from InfraCo Asia, a member of the Private Infrastructure Development Group (PIDG), in August 2024.
Amidst the booming electric vehicle market in Vietnam, Dat Bike plans to prioritise the production of affordable yet high-performance electric motorcycles. The loan from InfraCo Asia is anticipated to play a vital role in supporting the companyÂ?s goal of manufacturing 30,000 bikes over the next two years.
The recent US$ 4 million funding is part of a broader financing effort, with Dat Bike having attracted over US$ 25 million in total investment.
Dat Bike: now a fully foreign-owned enterprise
According to the latest business registration update on 30th October 2024, Dat Bike Vietnam is now officially a fully foreign-owned enterprise, with a Singaporean entity as its parent company.
On 27th September 2024, Dat Bike Vietnam increased its charter capital from VND 10 billion (approximately US$ 393,900) - previously entirely domestically funded - to VND 17.275 billion, with full foreign ownership. However, the specifics of the ownership structure were not disclosed at that time.
By 30th October 2024, after officially transitioning to full foreign ownership, the company further raised its charter capital from VND 17.275 billion to VND 258.058 billion.
At this point, it has been confirmed that Dat Bike's parent company is DAT Bike private limited, which was established on 18th December 2020 and is headquartered at 20A Tanjong Pagar Road, Singapore.
