Toloka.vc Invests £186,000 in London-Based GIN e-bikes
Ukrainian investment syndicate Toloka.vc has announced a £186,000 investment in British electric bike manufacturer and service provider GIN e-bikes.
- The investment is structured as a two-year loan at 12% per annum and is secured by the company’s assets — a fleet of electric bikes.
- The funds will be used to purchase 160 new bikes and to scale the company’s subscription model in London, with a target of reaching 100 active users within six months.
- GIN e-bikes is currently undergoing a strategic transition from a traditional sales model to a subscription-based rental service under its PLUTO brand.
Founded in 2022 in the suburbs of London, GIN e-bikes was co-founded by Ukrainian entrepreneur Maryna Vlasenko and her partner, Rahul Pushp, from India. The company initially focused on producing hybrid bikes for long-distance commuting. Toloka.vc previously invested £510,000 in the project a year ago.
According to the company, the new business model offers significantly stronger scalability and higher profitability:
- High profitability: Customer lifetime value (LTV) for couriers reaches £2,455 — 2.1 times higher than revenue from direct e-bike sales (£1,140).
- Effective marketing: The LTV/CAC ratio is approximately 40, an unusually high figure for a hardware-focused business.
- Fast payback:Each bike recoups its investment within 5–6 months.
- Additional income:After 12 months of rental, bikes are sold on the secondary market, creating a cyclical revenue model.
The PLUTO pilot has already validated the concept. With 37 active subscribers, the average revenue per bike, including rental fees and additional services, is around £158 per month. The newly raised capital will allow GIN to significantly expand its bike fleet.
The company aims to reach 100 active users within six months, which would generate an annual recurring revenue (ARR) of £200,000. In 2026, GIN plans to raise up to £1 million to scale its fleet to 1,000 e-bikes and further expand its service infrastructure across London.
- Since its launch in 2022, GIN e-bikes operated as a direct-to-consumer brand in the sub-£1,000 price segment. In 2024–2025, the team pivoted toward a service-based model — subscription e-bike rentals primarily targeting couriers and urban riders.
- The PLUTO offering includes monthly bike rental, maintenance, accessories, and insurance. After a 12-month rental cycle, bikes are sold on the secondary market, strengthening the overall financial model.
For Toloka.vc, the deal aligns with the syndicate’s investment strategy: backing companies with clear unit economics, real cash flow, and a well-defined path to scale.
Toloka.vc Invests £186,000 in London-Based GIN e-bikes
Ukrainian investment syndicate Toloka.vc has announced a £186,000 investment in British electric bike manufacturer and service provider GIN e-bikes.
- The investment is structured as a two-year loan at 12% per annum and is secured by the company’s assets — a fleet of electric bikes.
- The funds will be used to purchase 160 new bikes and to scale the company’s subscription model in London, with a target of reaching 100 active users within six months.
- GIN e-bikes is currently undergoing a strategic transition from a traditional sales model to a subscription-based rental service under its PLUTO brand.
Founded in 2022 in the suburbs of London, GIN e-bikes was co-founded by Ukrainian entrepreneur Maryna Vlasenko and her partner, Rahul Pushp, from India. The company initially focused on producing hybrid bikes for long-distance commuting. Toloka.vc previously invested £510,000 in the project a year ago.
According to the company, the new business model offers significantly stronger scalability and higher profitability:
- High profitability: Customer lifetime value (LTV) for couriers reaches £2,455 — 2.1 times higher than revenue from direct e-bike sales (£1,140).
- Effective marketing: The LTV/CAC ratio is approximately 40, an unusually high figure for a hardware-focused business.
- Fast payback:Each bike recoups its investment within 5–6 months.
- Additional income:After 12 months of rental, bikes are sold on the secondary market, creating a cyclical revenue model.
The PLUTO pilot has already validated the concept. With 37 active subscribers, the average revenue per bike, including rental fees and additional services, is around £158 per month. The newly raised capital will allow GIN to significantly expand its bike fleet.
The company aims to reach 100 active users within six months, which would generate an annual recurring revenue (ARR) of £200,000. In 2026, GIN plans to raise up to £1 million to scale its fleet to 1,000 e-bikes and further expand its service infrastructure across London.
- Since its launch in 2022, GIN e-bikes operated as a direct-to-consumer brand in the sub-£1,000 price segment. In 2024–2025, the team pivoted toward a service-based model — subscription e-bike rentals primarily targeting couriers and urban riders.
- The PLUTO offering includes monthly bike rental, maintenance, accessories, and insurance. After a 12-month rental cycle, bikes are sold on the secondary market, strengthening the overall financial model.
For Toloka.vc, the deal aligns with the syndicate’s investment strategy: backing companies with clear unit economics, real cash flow, and a well-defined path to scale.
