Mahendra Singh Dhoni, the legendary Indian cricketer, has added yet another feather to his entrepreneurial cap by investing in EMotorad, a Pune-based electric cycles maker. The investment amount remains undisclosed.
Alongside his investment, Dhoni has also taken on the role of brand endorser for EMotorad, cementing his association with the company and its mission to revolutionize the e-biking sector. This strategic move aligns with Dhoni’s pattern of backing promising startups, joining the likes of Tagda Raho, Khatabook, and Cars24 in his investment portfolio.
In a statement, Dhoni emphasized the importance of innovation in shaping sustainable solutions for the future. “The future is in our hands. We are in an era where innovation plays a huge role in shaping sustainable solutions, and I’m a fan of new-age companies that build these,” said Dhoni.
EMotorad, founded in 2020 by Kunal Gupta, Rajib Gangopadhyay along with Aditya Oza and Sumedh Battewar, has quickly gained traction in the Indian e-cycle market. The company boasts capturing 65% of the overall market share.
A recent ad campaign featuring Dhoni riding a T-rex Air EMotorad e-cycle from their Desire range has garnered attention, showcasing the cycle’s features while incorporating elements of humor and admiration. Aditya Oza, the CMO of EMotorad, expressed excitement about the campaign’s reception, stating, “Our aim was simple. We wanted to bring the magic from memes and give MS fans something they were waiting for.”
EMotorad’s financial success has also been notable, with a Series B funding round led by Panthera Growth Partners securing Rs 164 crore in November 2023. With a total equity raised of $20 million so far, EMotorad is poised for further expansion and market penetration.
Rajib Gupta, one of the co-founders, emphasized the significance of Dhoni’s endorsement for the brand. “There is no one better and more reliable than Dhoni who resonates with what our brand stands for,” said Gupta. He also outlined the company’s expansion strategy across tier-II, III, and IV cities in India.
Also Read: ZeroPe: Ashneer Grover’s Next Big Move in Fintech
With over 350 dealers and 10 experience centers across the country, EMotorad has seen steady growth, registering sales of Rs 140 crore in the financial year ending March 2024, up from Rs 115 crore the previous year.
Dhoni’s investment and endorsement are expected to further propel EMotorad’s growth trajectory, solidifying its position as a frontrunner in the Indian e-cycle market and fostering a sustainable future.
