GIN e-bikes secures €215k in funding to grow PLUTO e-bike subscriptions in London

Toloka.vc Invests €215k in GIN e-bikes, a British Electric Bike Company

Toloka.vc, an investment syndicate based in Ukraine, has recently announced a significant investment of €215k in GIN e-bikes, a British electric bike company. GIN e-bikes is currently focusing on scaling its subscription-based electric bike rental service in London under the PLUTO brand.

The investment from Toloka.vc was structured as a two-year secured loan with an annual interest rate of 12%, backed by the company’s electric bike fleet. The infusion of fresh capital will enable GIN e-bikes to purchase 160 new electric bicycles and expand the reach of PLUTO’s subscription offering across London. The startup aims to attract 100 active subscribers within the next six months, building upon its strong early traction in the market.

Founded in 2022 by Marina Vlasenko from Ukraine and Rahul Pushp from India, GIN e-bikes initially entered the market as a direct-to-consumer electric bike brand with a focus on the under-£1,000 price segment. However, in 2024–2025, the company pivoted to a subscription-based electric bike rental model, catering primarily to couriers, gig-economy workers, and urban commuters.

PLUTO’s subscription service includes monthly rental, maintenance, accessories, and insurance for the electric bikes. At the end of a 12-month rental cycle, the bikes are sold on the secondary market, creating an additional revenue stream while promoting a circular economy approach.

The current PLUTO pilot program serves 37 active subscribers, generating an average monthly revenue of approximately £158 per bike, including add-on services. Scaling up to 100 active users is projected to result in an estimated £200,000 in annual recurring revenue (ARR).

Future Growth Plans for GIN e-bikes

In 2026, GIN e-bikes has outlined plans to raise up to £1 million to expand its electric bike fleet to 1,000 units and enhance its operational and service infrastructure throughout London.

Toloka.vc, the investment syndicate behind the recent funding round, is known for supporting early-stage and growth-stage technology businesses. In November 2025, the syndicate made its eighth investment of the year by backing ALICE Technologies, a startup based in Silicon Valley. Toloka.vc was co-founded by Oleksandr Kolb, Taras Kyrychenko, and Igor Shoifot, all prominent figures in the entrepreneurial and investment landscape.