EMotorad Raises Rs. 164 Crore For Electric Cycle Innovation

The round also saw participation from x to 10x, Alteria Capital and existing investor Green Frontier Capital.

Rajib Gangopadhyay, MD and Founder of EMotorad stated, “The infusion of funds will pave the way for the brand's expansion across international boundaries, allowing it to demonstrate the strength of Indian innovation on a global platform." 

With this funding, the company aims to develop electric cycles with advanced technology and grow into emerging markets.

The startup entered the electric cycle industry in 2020 and within three years, it generated over 300 crore in revenue, with 80,000 electric cycles sold overall.

Shilpa Kulkarni, Founder and General Partner at Panthera Growth Partners, stated, "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."

The company's primary benefits from manufacturing locally, aside from competing with imports, are product availability and the capacity to modify output in response to demand.

Kunal Gupta, CEO and Co-Founder of EMotorad stated, "At EMotorad, we are simply striving for the best. With our drivetrain technology and strong supply chain, we are set to show the world how a backyard startup from India can disrupt the EV segment."