Vietnamese electric motorbike startup Dat Bike has come a long way since Shark Tank Vietnam
Founded in 2019, Dat Bike’s goal is to promote the widespread use of green transportation in Southeast Asia. The Vietnamese electric motorbike startup has been on a mission to build the most appealing and dependable electric motorbikes on the market so that customers can have a seamless transition when switching from gas to electric.
In 2019, Dat Bike CEO Son Nguyen presented his concept of Vietnam’s first domestic electric motorbike to the world on an episode of Shark Tank Vietnam. Fast forward to the present, it has become the country’s most viewed episode of Shark Tank Vietnam.
Despite the fact that Southeast Asia has one of the world’s largest motorbike markets, electric vehicles have not been a success in that market since they are considered as a weaker alternative. Gasoline motorbikes have the notion to underperform when compared to a standard gas motorbike. This is the void that Dat Bike seeks to fill.
When compared to gasoline motorbikes, the Vietnamese electric motorbike startup promises to be very competitive in terms of both performance and value. Dat Bike’s first-generation model, the Weaver, offers three times the performance (5 kW versus 1.5 kW) and twice the range (100 km versus 50 km) of electric motorbikes in the market in 2019. The company’s second model, the Weaver 200, launched in 2021 and has 6 kW of power with 200 km of range.
The Vietnam Ministry of Transportation has recognized Dat Bike’s creation as the country’s first domestic electric motorbike. The Vietnamese electric motorbike startup utilizes vertical integration rather than depending on imported third-party electric parts and drivetrains, thus saving on costs while enhancing build quality. They also design a majority of their own parts with 80 percent of their suppliers based in Vietnam. In addition, Dat Bike employs a direct-to-consumer distribution model, which lowers costs even more.
Recently, Dat Bike announced they have raised $5.3 million in Series A investment led by Jungle Ventures and Wavemaker Partners as an investor. This brings a total of $10 million since the company’s birth. Dat Bike stated their revenue has increased by tenfold since the launch of the Weaver 200 last November.
Just this month, Dat Bike opened a new store in the city of Hanoi to meet increased demands. Dat Bike now has two locations in Ho Chi Minh City and Hanoi, as well as an online store. A portion of the funding is planned to expand their offline-to-online model into larger cities which include Bac Ninh, Can Tho, Danang, Ha Long, Hai Duong, Hai Phong, Nha Trang, Quy Nhon, Vinh, and Vung Tau.