GIN e-bikes has raised £186,000 from Toloka.vc, a Ukrainian investment syndicate, to support the scaling of its subscription-based electric bike rental service in London under its PLUTO brand.
The investment was structured as a two-year secured loan with an annual interest rate of 12%, backed by the company’s electric bike fleet.
The capital will be used to purchase 160 new electric bicycles and expand PLUTO’s subscription offering across London. The company targets 100 active subscribers within six months, building on strong early traction.
Founded in 2022, GIN e-bikes initially launched as a direct-to-consumer electric bike brand focused on the under-£1,000 price segment. In 2024–2025, the company pivoted to a subscription-based electric bike rental model, primarily serving couriers, gig-economy workers, and urban commuters.
PLUTO’s subscription includes monthly rental, maintenance, accessories, and insurance. After completing a 12-month rental cycle, bikes are sold on the secondary market, creating an additional revenue stream and supporting a circular economy approach.
The PLUTO pilot currently serves 37 active subscribers, with an average monthly revenue of approximately £158 per bike, including add-on services. Reaching 100 active users would generate an estimated £200,000 in annual recurring revenue.
In 2026, GIN e-bikes plans to raise up to £1 million to scale its fleet to 1,000 electric bikes and further expand its operational and service infrastructure across London.
