Pune-based electric vehicle (EV) startup EMotorad has raised Rs 24 crore in a pre-Series A funding round led by Green Frontier Capital (GFC), LetsVenture, and Ivy Growth Associates.
The startup plans to use the raised capital to accelerate business growth, hire top industry talent, and scale the business growth. It also plans to integrate advanced technology to transform how consumers view cycling.
Additionally, It plans to build a layer of tech on top of the existing e-bike that will grant users access to a one-of-a-kind platform for the cycling community focusing on health and community benefits.
Rajib Gangopadhyay, Kunal Gupta, Aditya Oza and Sumedh Battewar co-founded EMotorad in 2020. The startup strives to bring eco-friendly, futuristic e-bikes at an affordable price for adventure seekers, daily commuters, or casual riders.
“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," said Kunal Gupta.
EMotorad claims to have sold over 35,000 units and has a production capacity of 90,000+ units Y-O-Y which is further projected to increase to 2 lakh by the end of next year, it said. So far, The EV startup has expanded its business in Japan, UAE, Europe & Nepal.
Speaking on the investment, Sandiip Bhammer, Managing Partner, Green Frontier Capital, 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."