Toloka.vc, a Ukrainian investment syndicate, has announced an investment of €215k in British electric bike company GIN e-bikes, which is scaling a 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 fresh capital will be used to purchase 160 new electric bicycles and expand PLUTO’s subscription offering across London. The startup targets 100 active subscribers within six months, building on strong early traction.
Founded in 2022 by Ukrainian entrepreneur Marina Vlasenko and Indian entrepreneur Rahul Pushp, 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 young 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 (ARR).
Future Growth Plans: 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.
Toloka.vc is an investment syndicate uniting entrepreneurs and private investors focused on early-stage and growth-stage technology businesses. In November 2025, the syndicate invested in ALICE Technologies, a Silicon Valley-based startup, marking its eighth investment of the year. The syndicate was co-founded by Oleksandr Kolb, entrepreneur and founder of Promodo, Taras Kyrychenko, former CEO of Pravex Bank and supervisory board member of Nova Poshta, and Igor Shoifot, venture capitalist and partner at TMT Investments.
Read the orginal article: https://www.eu-startups.com/2026/01/gin-e-bikes-raises-e215k-in-dept-funding-to-expand-pluto-e-bike-subscriptions-in-london/
