E-bikes have risen as an investment that not only helps to cut down future costs; with their innovative and eco-friendly design but also helps avoid the rush hour traffic. These bikes are not just a healthy alternative for fitness, but is also better for nature’s too. The demand for this alternative mode of transport has been on the rise since 1998, with China leading the industry. Looking to overturn this lead with their innovative designs; EMotorad has raised $20 million in a Series B round led by Panthera Growth Partners.
The fresh funding brings the startup’s total funding to $22.5 million, with a $2.5 million debt. The round also saw participation from EMotorad’s existing investors, Alteria Capital, xto10x Technologies, and Green Frontier Capital.
“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 further develop tech-enabled electric cycles, expand our reach, and make mobility sustainable and accessible to all,” said co-founder Kunal Gupta.
The firm intends to use the fresh funds to bolster manufacturing capabilities, launch technologically enhanced smart electric bicycles; and boost its offline presence across key regions in domestic and global markets. Currently, the startup boasts a portfolio of 14 e-bike models for global markets, with 7-8 available in India.
The startup’s facility in Pune has the capacity to produce up to 90,000 bikes annually. Moreover, it is building a new 150,000-square-foot facility with an “in-house smart drive train” to develop all major components; from batteries and motors to displays and chargers, natively. It will have a capacity of producing 400,000 units annually, stated Gupta.
More about EMotorad
Founded in 2020 by mobility industry experts Kunal Gupta, Rajib Gangopadhyay, Aditya Oza, and Sumedh Battewar, the startup generated a total revenue of $2 million in India last year, with an overall revenue of $36 million. To date, it has manufactured 80,000 units and aims to grow to about 7.8 million in the upcoming year.
With the aim of dominating the global e-bike market, the startup has already established a brand presence in five countries, including the U.S., Europe, Australia, Japan, and some Middle Eastern markets. Currently, the startup has a total headcount of 160 employees globally. Other than its own facility, EMotorad works with multiple partners across India to fulfil local demands. While the country does not have a significant e-bike commuter base at the moment, the startup believes that it is surely gaining traction.
“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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