In a Series B round managed by Panthera Growth Partners, EMotorad has raised $20 million. Participating investors include xto10x Technologies, Alteria Capital, and Green Frontier Capital, who were already investors.
The company wants to use new funds to produce smart electric cycles with improved technology, expand its manufacturing capacity, and strengthen its offline presence in important local and international markets.
The company has more than $36 million in revenue returns in three years, selling more than 80,000 electric cycles.
The new funds will serve as a catalyst for EMotorad’s ambitious plans to strengthen its ‘Make in India’ initiative.
Santosh Shet, Panthera Growth Partners, said, “The EV market is at a nascent stage and EMotorad’s innovation is fresh and new and can be a great example for Indian startups going forward. With its ‘Make in India’ vision leveraging strong R&D capabilities is all set to capitalise on the China +1 strategy, to become a dominant player.”