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Homegrown electric vehicle (EV) start-up EMotorad, on Friday, announced that it had raised Rs 24 crore in a funding round to fuel its business growth plans and talent acquisition. The electric bike brand’s this Pre-series A funding was led by Green Frontier Capital (GFC), LetsVenture and Ivy Growth associates.
EMotorad, with this funding, in a statement revealed that it aims to accelerate business growth, hire top industry talent and scale the business. Rajib Gangopadhyay, Kunal Gupta, Aditya Oza and Sumedh Battewar founded start-up also plans to integrate advanced technology to transform the way consumers look at cycling.
The e-bike company, which has a manufacturing facility in Pune, claims it has sold over 35,000 units since its inception in 2020. EMotorad also revealed that it is looking to generate a cumulative revenue of Rs 165 crore this fiscal.
Kunal Gupta, Co-founder & CEO of EMotorad, while speaking on the investment round, 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.”
“GFC is one of the leading cleantech investors in India. Their solution-driven approach and the expertise they bring to the table made them an obvious match. We are grateful to GFC and many other early believers and angels for backing our vision of building in India to serve the world,” Gupta added.
EMotorad also plans to build a layer of tech on top of the existing e-bike that would grant users access to a one-of-a-kind platform for the cycling community focusing on health and community benefits. The company also claims that this application would revolutionise the way people look at e-bikes as it serves as more than an activity tracker, with insights to optimise health and experiences.
Sandiip Bhammer, Managing Partner of GFC, said, “At GFC, we are really 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.”
Bhammer further added, “Cracking new-age distribution channels has been their additional edge and we believe they will be able to attain rapid growth & profits with the vision they have for the company. EMotorad has been able to deliver high-quality e-bikes at reasonable prices. With a diverse product portfolio to suit various end-user needs, excellent product designs and the right channel partners like Tata Croma and Reliance Retail to help it position sales growth into the Indian market, we believe that EMotorad is well-placed to become the market leader in India in the very near future.”
Last month, the start-up announced its plans to enter the European market – Spain, Italy, Germany, France and Netherlands. The company also said that after establishing a presence in global markets, it plans to continue expanding its operations to newer regions around the world and strengthening its presence in already established markets like Europe and Australia.
The company also plans to deepen the digital and offline journey for its buyers through exclusive brand outlets, as well as a strong D2C presence.
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