Indian EV Brand EMotorad Raises Rs 24 Cr. In Pre-Series A Funding
EMotorad has recently raised INR 24 Crore in Pre-series A led by Green Frontier Capital (GFC) - investment firm that specialises in climate investment, LetsVenture and Ivy Growth associates.
Amid the unprecedented demand for e-bikes emerging in India, EMotorad aims to utilise the acquired funds to accelerate business growth, hire top industry talent and scale the business. Founded by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza and Sumedh Battewar, the company also plans to integrate advanced technology to transform the way consumers look at cycling.
In addition, EMotorad also 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. This application is set to revolutionise the way people look at e-bikes as it serves as more than an activity tracker, with insights to optimise health and experiences.
“We have always believed in the power of e-bikes to optimise 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. That is why we are glad to collaborate with a fund in a similar space. 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” said Kunal Gupta, Co-founder & CEO of EMotorad said,
Sandiip Bhammer, who is based in New York, and is the Managing Partner of Green Frontier Capital, said of his firm’s investment in EMotorad, “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. 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.”
Within two years of operations, EMotorad has emerged as a leader in the e-bike market in India. As a bootstrapped company, EMotorad has established impressive production capabilities and created a strong market presence throughout India and the world. The team has extensive and specialised experience in this sector that will drive innovation in the category alongside the scaling of operations to multiple new markets in the future.
EMotorad is one of the only e-bike brands to successfully leverage modern trade with a presence in some of India’s biggest chain stores. It intends to maintain its consumer-centric approach with smarter and more user-friendly products to ensure a convenient buying experience. It also plans to deepen the digital and offline journey for its buyers through exclusive brand outlets, as well as a strong D2C presence.
Since its inception two years ago, EMotorad has received tremendous international interest. After establishing a strong global presence, the company plans to continue expanding its operations to newer regions around the world and strengthening its presence in already established markets like Europe and Australia.
In a short span, the company has sold over 35,000 units and has a production capacity of 90,000+ units YOY which is further projected to increase to 2 lakhs by the end of next year. In the first fiscal of operations, the EV company recorded a revenue of INR 4 Cr. in FY21 which has reached a lifetime revenue of INR 140 Cr. in the first six months of FY23. Furthermore, the company projects to generate a cumulative revenue of INR 165 Cr. by the end of FY23.
