EMotorad has raised INR 24 crore in a pre-Series A round led by Green Frontier Capital (GFC), an investment firm specializing in climate investments, LetsVenture and Ivy Growth Associates.
The startup aims to use the funds to accelerate business growth, hire top industry talent and expand the business. It also plans to integrate advanced technology that will change the way consumers view cycling.
In addition, it also plans to build a layer of technology on top of the existing e-bike that will give users access to a unique platform for the cycling community with a focus on health and community benefits.
Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza and Sumedh Battewar, EMotorad (EM) is a Pune-based electric vehicle company that strives to bring eco-friendly, futuristic e-bikes at an affordable price for adventure enthusiasts and daily commuters. or casual riders.
Sandiip Bhammer, Managing Partner at Green Frontier Capital, said, “We at GFC are excited about our investment in EMotorad. EM is building an EV company with great global potential. What has struck us most about EM is the speed with which they have been able to expand their business across geographies in just 2 years of existence, not only is this game-changing technology that they build on top of their bikes, the way people ride bikes.”
Kunal Gupta, Co-founder and CEO of EMotorad, said, “We have always believed in the power of e-bikes to optimize health efficiency. We want to design products and technologies to build on the user’s journey to health. An outdoor Peleton of its kind. In doing so, we are not only responding to their fitness needs but also providing a sustainable and viable mobility option.”
The EV startup aims to bring premium quality electric cycles at an affordable price using its local sourcing and manufacturing capabilities in India. The startup has expanded its business in Japan, UAE, Europe and Nepal. EMotorad is present worldwide in many geographical areas. Along with the onboarding of more than 160 dealers in India. EM currently operates in 82 cities in India and abroad.
The company has sold over 35,000 units and has a production capacity of 90,000+ units YOY, which is expected to further increase to 2 million by the end of next year. In the first fiscal operation, EV recorded a profit of 4 cr. in fiscal year 21, which achieved a lifetime income of 140 cr. in the first six months of FY23. In addition, the company plans to generate a cumulative revenue of 165 cr. by the end of FY23.