Start-up domestic electric vehicle (EV) EMotorad revealed on Friday that it has successfully raised Rs 24 crore in a financing round to support its ambitions for corporate expansion and personnel hiring. This Pre-series of the electric bike manufacturer Green Frontier Capital (GFC), LetsVenture, and Ivy Growth Associates led fundraising.
In a statement, EMotorad stated that it intends to scale the company, employ top industry expertise, and accelerate commercial growth with the help of this capital. The start-up formed by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar also wants to include cutting-edge technology to change how consumers view cycling.
The e-bike business, which has a plant in Pune, asserts that it has sold more than 35,000 bikes since its founding in 2020. Additionally, EMotorad disclosed that it hopes to bring in a total of Rs 165 crore this fiscal year.
Kunal Gupta, Co-founder & CEO of EMotorad, while speaking on the investment round, said, “We have always believed in the power of e-bikes to optimize health efficiency. We wish to design products and technology in such a way that it places itself in the user’s journey to becoming healthy. An outdoor Peleton of sorts. By doing so, we not only answer their fitness needs but also provide a sustainable and viable mobility option.”
“GFC is one of the leading cleantech investors in India. Their solution-driven approach and the expertise they bring to the table made them an obvious match. We are grateful to GFC and many other early believers and angels for backing our vision of building in India to serve the world,” Gupta added.
Additionally, EMotorad intends to add a layer of technology to the current e-bike that would provide consumers access to a unique platform for the cycling community that focuses on health and social benefits. The company asserts that this programme, which is more than just an activity tracker and provides insights to improve health and experiences, will revolutionise how people view e-bikes.
Sandiip Bhammer, Managing Partner of GFC, said, “At GFC, we are really excited about our investment in EMotorad.
EM is building an EV company with a large global potential. What struck us the most about EM is the pace at which they were able to expand the business across geographies in just 2 years of existence, not only this the technology they are building on the top of their bikes is a game changer, it will change the way people cycle.”
Bhammer further added, “Cracking new-age distribution channels has been their additional edge and we believe they will be able to attain rapid growth & profits with the vision they have for the company. EMotorad has been able to deliver high-quality e-bikes at reasonable prices. With a diverse product portfolio to suit various end-user needs, excellent product designs and the right channel partners like Tata Croma and Reliance Retail to help it position sales growth into the Indian market, we believe that EMotorad is well-placed to become the market leader in India in the very near future.”
The startup said last month that it would be entering the European markets of Spain, Italy, Germany, France, and the Netherlands. The business added that after establishing a footprint in international markets, it intends to keep growing its business in other geographical areas while bolstering its position in previously developed countries like Europe and Australia. Through unique brand stores and a strong D2C presence, the company also intends to enhance the digital and offline experiences for its customers.
