GIN e-bikes raises €215k in dept funding to develop PLUTO e-bike subscriptions in London

Toloka.vc, a Ukrainian funding syndicate, has introduced an funding of €215k in British electrical bike firm GIN e-bikes, which is scaling a subscription-based electrical bike rental service in London below its PLUTO model.

The funding was structured as a two-year secured mortgage with an annual rate of interest of 12%, backed by the corporate’s electrical bike fleet. The contemporary capital might be used to buy 160 new electrical bicycles and develop PLUTO’s subscription providing throughout London. The startup targets 100 energetic subscribers inside six months, constructing on sturdy early traction.

Based in 2022 by Ukrainian entrepreneur Marina Vlasenko and Indian entrepreneur Rahul Pushp, GIN e-bikes initially launched as a direct-to-consumer electrical bike model targeted on the under-£1,000 worth phase. In 2024–2025, the younger firm pivoted to a subscription-based electrical bike rental mannequin, primarily serving couriers, gig-economy employees, and concrete commuters.

PLUTO’s subscription contains month-to-month rental, upkeep, equipment, and insurance coverage. After finishing a 12-month rental cycle, bikes are offered on the secondary market, creating
an extra income stream and supporting a round financial system strategy.

The PLUTO pilot presently serves 37 energetic subscribers, with a mean month-to-month income of roughly £158 per bike, together with add-on providers. Reaching 100 energetic customers would
generate an estimated £200,000 in annual recurring income (ARR).

Future Progress Plans: In 2026, GIN e-bikes plans to lift as much as £1 million to scale its fleet to 1,000 electrical bikes and additional develop its operational and repair infrastructure throughout London.

Toloka.vc is an funding syndicate uniting entrepreneurs and personal buyers targeted on early-stage and growth-stage expertise companies. In November 2025, the syndicate invested in ALICE Applied sciences, a Silicon Valley-based startup, marking its eighth funding of the yr. The syndicate was co-founded by Oleksandr Kolb, entrepreneur and founding father of Promodo, Taras Kyrychenko, former CEO of Pravex Financial institution and supervisory board member of Nova Poshta, and Igor Shoifot, enterprise capitalist and companion at TMT Investments.