EV startup EMotorad raises Rs 24 cr in pre-series A funding

• ByStartupStory     |    October 25, 2022

EV startup EMotorad has raised Rs 24 crore Pre-series A round of funding led by Green Frontier Capital (GFC), an investment company that specialises in climate investing, LetsVenture, and Ivy Growth Associates.

The startup plans to use the capital to employ top industry expertise, scale the business, and drive business growth. Additionally, it intends to change how people see cycling by incorporating cutting-edge technology.

It also has ambitions to install a technological layer on top of the current e-bike that will provide customers access to a unique cycling community platform that focuses on health and social benefits.

We are really enthusiastic at GFC about our investment in EMotorad. EM is creating an EV business with significant global potential. What most impressed us about EM was how quickly they were able to grow their business across geographies in just their first two years of operation. In addition, the technology they are developing for their bikes is a game-changer and will alter the way people ride bicycles, according to Sandiip Bhammer, the managing partner of Green Frontier Capital.

EMotorad is an electric vehicle company based in Pune that was founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar. The company aims to provide eco-friendly, cutting-edge e-bikes for adventure seekers, daily commuters, or casual riders at an affordable price.

The EV start-up uses its local sourcing and production resources in India to deliver premium grade electric bikes at a reasonable pricing.

The startup has increased its customer base in Nepal, Japan, the UAE, and Europe. Globally, EMotorad is present across numerous regions. Along with adding more than 160 dealers in India. 82 Indian and international towns and cities currently have EM presence.

The co-founder and CEO of EMotorad, Kunal, commented on the funding round, saying, “We have always believed in the capacity of e-bikes to maximise health efficiency. We want to incorporate technology into the design of our goods so that it becomes a part of the user’s journey to wellness. a kind of outdoor Peleton. By doing this, we meet their physical needs while also giving them a sustainable and viable mobility option.”

The company has sold more than 35,000 units and has a production capacity of more than 90,000 units year over year, which is expected to rise to 2 lakh by the end of the following year. The EV company began operations with a revenue of Rs 4 Cr in FY21 and by the first half of FY23 had reached a lifetime revenue of Rs 140 Cr. By the conclusion of FY23, the company expects to have earned Rs 165 Cr in total revenue.

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