Indian Institute of Technology (IIT) Madras-incubated startup Pi Beam on Wednesday launched an electric two-wheeler that can charge faster than a smartphone and has a range of 50 kilometres.

PiMo is a utility e-bike that is targeted towards personal and commercial needs. The e-bike is priced at Rs 30,000 does not require license or registration and offers green and easy mobility on Indian roads. 

"Pi Beam's PiMo, having 90 per cent of components manufactured in India, is a stylishly designed two-wheeler offering a range of 50 kilometres on a single charge with a top speed of 25 km/hr," Manu Iyer, Advisor, Pi Beam and Investor-Director, said in a statement.

"PiMo should be the catalyst to kickstart a revolution in converting all intra-city mobility in India to Lithium based electric from fossil fuels, while fulfilling our PM's vision of being Atmanirbhar," Iyer added.

It also offers a 'Battery Swapping' technology, through which a drained battery can be exchanged for a fully charged battery at designated locations.

PiMo was launched at the IIT Madras Research Park in the presence of Pi Beam Electric CEO Visakh Sasikumar; Commissioner, Greater Chennai Corporation G Prakash; cricketer Dinesh Karthik, among others. 

Pi Beam aims to sell 10,000 vehicles by the end of the next financial year (2021-22).

Founded by an IIT Madras alumnus, Visakh Sasikumar, Pi-Beam has already gained over 100 initial customers within weeks of opening pre-orders from customers across age groups, from both rural and urban geographies.