EMotorad, Pune-based electric cycle start-up, has raised $20 million in a Series B-round led by Panthera Growth Partners. The round also saw participation from xto10x, Alteria Capital, and existing investors Green Frontier Capital. The company aims to deploy fresh funding to develop technologically enhanced smart electric cycles, boost manufacturing capabilities, and deepen offline presence across key regions in domestic and global markets.
Rajib Gangopadhyay, Kunal Gupta, Sumedh Battewar, and Aditya Oza, four friends founded the company in 2020, amidst the Covid-19 pandemic. “It was a necessity that the world didn’t even know it needed”, says Sumedh Battewar, CBO and Co-Founder. “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” he added.
Revenue
Today, the company has achieved 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.
EMotorad aims to take the lead in the global EV sector and showcase India’s prowess in sustainable transportation. “The EV market is at a nascent stage and EMotorad’s innovation is fresh and can be a great example for Indian start-ups going forward. With its ‘Make in India’ vision leveraging strong research and development capabilities, it is all set to capitalise on the China +1 strategy, to become a dominant player” said Santosh Shet, PGP.
Aditya Oza, CMO and Co-Founder of EMotorad, said, “In three years, we’ve transformed challenges into triumphs, driven by a shared passion for innovation. We are ready to bring to the world our unparalleled drivetrain technology and show the power and reliability of Indian manufacturing.”