EMotorad Secures $20 Million in Series B Funding to Fuel Expansion and Innovation

• ByStartupStory     |    November 27, 2023

Pune-based electric cycle company EMotorad has successfully raised $20 million in a Series B funding round, led by Panthera Growth Partners. Notable participation in the funding comes from xto10x, Alteria Capital, and Green Frontier Capital. The substantial investment is earmarked for critical areas, including the development of smart electric cycles, bolstering manufacturing capabilities, and a strategic expansion of offline presence in both domestic and global markets.

Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, EMotorad has positioned itself as a key player in the electric cycle market. The company is dedicated to delivering eco-friendly and futuristic e-bikes at an affordable price, catering to the diverse needs of adventure seekers, daily commuters, and casual riders. Sumedh Battewar, CBO and Co-founder of EMotorad reflected on the journey, stating, “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.”

In a span of just three years, EMotorad has achieved remarkable milestones, reporting over $36 million in revenue returns and successfully selling more than 80,000 electric cycles. This Series B funding round follows a pre-Series A round in October 2022, where the company raised Rs 24 crore, led by Green Frontier Capital, LetsVenture, and Ivy Growth Associates.

The electric vehicle (EV) startup’s mission revolves around delivering premium quality electric bicycles at an affordable price point. Leveraging local sourcing and manufacturing capabilities in India, EMotorad aims to disrupt the market by offering sustainable and efficient mobility solutions. The infusion of $20 million in Series B funding is poised to propel EMotorad to new heights, facilitating not only business expansion but also fostering innovation in the rapidly evolving electric cycle industry. As the company continues to push boundaries, its commitment to affordability, sustainability, and technological advancement remains at the forefront of its strategic vision.

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