iGowise Mobility (iGo) has announced an ambitious commitment of Rs.100 crore for R&D over the next three years. Currently, India is only investing 0.65% of GDP in R&D, which is significantly behind countries like China, which has a 2.65% allocation for R&D. This planned investment aligns with the National Deep Technology Startup Policy (NDTSP), which aims to transform India into a global hub for deep technology innovation while addressing social challenges and promoting job creation.
Angel investments, government grants, and internal funding would all be used to raise the Rs. 100crore investment. The money will be used by iGo to upgrade the first twin-wheeled motorcycle in history with Level 5 advanced active balancing and to concentrate on future initiatives. Additionally, it will concentrate on an AI-driven autonomous light EV steering system, opening the way for shared mobility on clogged city streets.
iGo is dedicated to doing its part to facilitate this shift by tripling its R&D spending annually as the central government plans to invest Rs. 9000 crore to improve essential EV components. The next investment will also concentrate on creating L2 self-balancing technology, anti-topple tilting, and obtaining all necessary regulatory licenses for the first road-legal high-speed trikes in history.
By collaborating with both internal and external researchers and engineers, it seeks to speed innovation. iGo’s creator, Sravan Kumar, clarified that the company’s emphasis on proprietary technology will bolster its portfolio of Indian intellectual property.
“Our dedication supports NDTSP’s goal of making India a major exporter of technology worldwide. Currently, the majority of EV investments are focused solely on efficiency and high performance. On the other side, iGo is determined to enhance accessibility, capacity, safety, and comfort in the small vehicle market (2Ws and 3Ws), which is the backbone of our economy in both urban and rural areas. Tesla’s strategy of innovation and teamwork, which involves sharing our intellectual property for others to build upon, really inspires us. By empowering numerous micro-brands from Bharat to reimagine global transportation, we hope to democratize the light EV market,” he continued.
In the last 15 months, iGo has raised Rs. 5 crores from investors like AIC-ISB, 888VC, Invstt Trust, and more than 40 angel investors. In its first three years, iGo bootstrapped Rs. 3 crores for R&D. iGo has 12 patents from its current R&D, and it plans to make ground-breaking safety-enhancing innovations over the next 12 to 36 months. It intends to highlight the L3 auto-summoning light EV with AI navigation, the L5 self-balancing tilting trike, an all-wheel-drive light EV with all-terrain active suspension capabilities, and a Featherlite ultra-strong space-frame body. The deep tech company is prepared to revolutionize mobility and promote innovation worldwide from India with its planned R&D.
