GIN E-Bikes Raises €215K To Expand PLUTO E-Bike Subscription In London

The funding takes the form of a two-year secured loan at 12% annual interest, backed by GIN e-bikes’ fleet. The capital will be used to acquire 160 new electric bikes and expand PLUTO’s subscription service across London. The startup aims to reach 100 active subscribers within six months leveraging strong early momentum.

GIN e-bikes founded in 2022 by Ukrainian entrepreneur Marina Vlasenko and Indian entrepreneur Rahul Pushp . Between 2024 and 2025 the company shifted to a subscription-based rental model serving couriers, gig workers and city commuters.

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The PLUTO subscription covers monthly rental, maintenance, accessories and insurance. After a 12-month rental cycle bikes are sold on the secondary market, generating additional revenue and supporting a circular economy approach.

The pilot currently serves 37 active subscribers, with an average monthly revenue of £158 per bike (including add-ons). Scaling to 100 active users is projected to generate approximately £200,000 in annual recurring revenue (ARR).

Future Growth Plans: In 2026 GIN e-bikes aims to raise up to £1 million to scale its fleet to 1,000 electric bikes and expand its operational and service infrastructure across London.

Toloka.vc is an investment syndicate that unites entrepreneurs and private investors to support early- and growth-stage tech companies. In November 2025 the syndicate invested in ALICE Technologies a Silicon Valley startup, marking its eighth investment of the year.

The syndicate was co-founded by Oleksandr Kolb (Promodo), Taras Kyrychenko (former CEO of Pravex Bank, Nova Poshta board member), and Igor Shoifot (venture capitalist, TMT Investments partner).