Pune-based electric cycle and bike manufacturer EMotorad has raised $20 million in its recent Series B funding round to power the global expansion of its smart electric bicycles. The round was led by Panthera Growth Partners, with participation from existing investors Alteria Capital, xto10x Technologies, and Green Frontier Capital.
Founded in 2020 by mobility industry executives Kunal Gupta, Rajib Gangopadhyay, Aditya Oza, and Sumedh Battewar, EMotorad has rapidly become a key player in the electric cycle market, having sold over 80,000 eco-friendly e-bikes across 18 countries, including the US, UAE, Japan, Australia, and Nepal. The company aims to reach 100,000 electric cycles globally by fiscal year 2025.
The Series B funding, totaling $20 million, will be utilized to enhance manufacturing capabilities, launch technologically enhanced smart electric bicycles, and expand the company’s offline presence globally.
EMotorad, which recorded INR 62 crore in revenue for the fiscal year ending March 2022, with only INR 2 crore in losses, is set to achieve EBITDA profitability within the next 24 months. In FY23, the company reported a significant revenue increase to INR 130 crore.
Strategic Funding Partnerships
Green Frontier Capital, a key participant in EMotorad’s pre-Series A round in October last year, continues to support the company’s growth. Panthera Growth Partners, known for backing successful Indian startups such as FabHotels, BigBasket, Pepperfry, OfBusiness, and Zivame, adds substantial weight to EMotorad’s latest funding round.
“This capital infusion is a testament to the tireless efforts of our team and the unwavering trust our investors have in our vision. We are excited to leverage this investment to develop tech enabling electric bicycles, expanding our reach, and making mobility sustainable and accessible to all,” said co-founder Kunal Gupta.
EMotorad’s commitment to innovation is evident in its plans to develop smart electric bicycles, tapping into the rising global demand for sustainable transportation solutions. The startup recently initiated its offline expansion with exclusive brand outlets in major cities, including Delhi and Bengaluru. It aims to enter the European market with a presence in Spain, Italy, Germany, France, and the Netherlands.
Industry Competition and Future Outlook
Competing with companies like TrottleMotors, eLIFE, Motovolt, and Yulu, EMotorad has carved a niche in the electric cycle market. The company’s sourcing of approximately 70 percent of components locally has contributed to its success. EMotorad’s global expansion plans and its focus on technological innovation position it favorably in the rapidly growing electric vehicle sector.
EMotorad’s successful Series B funding round underscores the growing investor confidence in electric vehicles. With a solid financial track record, innovative product development, and strategic global expansion, EMotorad plans to shape the future of sustainable mobility.
“EMotorad has a strong innovation-led DNA working towards building sustainable, eco-friendly solutions in the mobility space. This aligns with our strategy to back fast-growing differentiated technology-led businesses driving new economy consumption,” said Shilpa Kulkarni, Founder and General Partner at Panthera Growth Partners.
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