Pune-based electric cycle innovator, EMotorad, has successfully raised $20 million in a Series B funding round, spearheaded by Panthera Growth Partners. This latest injection of capital also saw the participation of prominent investors such as xto10x, Alteria Capital, and Green Frontier Capital.
EMotorad, founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, is on a mission to revolutionize the electric bicycle market by providing eco-friendly, technologically advanced e-bikes at an affordable price. The startup initially began its operations from a single room and has rapidly expanded its presence both domestically and internationally.
The recent funding will be directed towards the development of smart electric cycles, augmenting manufacturing capabilities, and further expanding the offline presence of EMotorad in various global markets.
Sumedh Battewar, Chief Business Officer, and Co-founder of EMotorad expressed, “It was a necessity that the world didn’t even know it needed. We started the production and distribution from a single room, but we always knew it would get bigger and better because, more than business, it was about healthier and better being.”
EMotorad has experienced substantial growth in its three years of operation, achieving over $36 million in revenue and selling more than 80,000 electric cycles. The company aims to escalate its global sales to 100,000 electric cycles by FY 2025.
Kunal Gupta, Co-founder of EMotorad, stated, “This capital infusion is a testament to the tireless efforts of our team and the unwavering trust our investors have in our vision. We are excited to leverage this investment to further develop tech-enabled electric cycles, expand our reach, and make mobility sustainable and accessible to all.”
EMotorad has a global presence, currently operating in approximately 18 countries, including the US, UAE, Japan, Australia, and Nepal. The startup disclosed plans to enter the European market last year, targeting countries such as Spain, Italy, Germany, France, and the Netherlands.
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In October 2022, EMotorad successfully raised Rs 24 crore in a pre-Series A round led by Green Frontier Capital, LetsVenture, and Ivy Growth Associates.
The company continues to emphasize its commitment to providing premium quality electric bicycles at an affordable price, utilizing local sourcing and manufacturing capabilities in India. With the latest funding round, EMotorad is well-positioned to drive innovation in the electric cycle industry and contribute to the global shift towards sustainable and accessible mobility solutions.
