Electric mobility start-up, EMotorad has received Rs 24 crore in a Pre-series A round led by Green Frontier Capital (GFC), an investment firm that specializes in climate investment, LetsVenture, and Ivy Growth Associates.
The startup aims to utilize the funds to accelerate business growth, hire top industry talent, and scale the business. It also plans to integrate advanced technology to transform how consumers view cycling.
In addition, it also plans to build a layer of tech on top of the existing e-bike that will grant users access to a one-of-a-kind platform for the cycling community focusing on health and community benefits.
“At GFC, we are 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,” said Sandiip Bhammer, the Managing Partner of Green Frontier Capital.
Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza and Sumedh Battewar, EMotorad (EM) is an electric vehicles company based in Pune that strives to bring eco-friendly, futuristic e-bikes at an affordable price for adventure seekers, daily commuters, or casual riders.
The EV startup aims to bring across premium quality electric cycles at an affordable price, utilizing its local sourcing and manufacturing capabilities in India.
The startup has expanded its business in Japan, UAE, Europe & Nepal. EMotorad is globally present in many geographies. Alongside onboarding 160+ dealers in India. EM currently is present across 82 towns and cities in India and abroad.
Speaking on the investment round, Kunal, Co-founder & CEO of EMotorad, 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.”
The company has sold over 35,000 units and has a production capacity of 90,000+ units YOY which is further projected to increase to 2 lakh by the end of next year. In the first fiscal of operations, the EV company recorded a revenue of Rs 4 Cr. in FY21 which has reached a lifetime revenue of Rs 140 Cr. in the first six months of FY23. Furthermore, the company projects to generate a cumulative revenue of Rs 165 Cr. by the end of FY23.