EMotorad has raised $20 million in a Series B round to develop smart electric cycles, augment production capabilities, and widen its offline footprints in the domestic and global markets.
The EV startup aims to introduce premium quality electric bicycles at an affordable price, leveraging its local sourcing and manufacturing capabilities in India.
Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, EMotorad was founded with a vision to bring eco-friendly, futuristic e-bikes at an affordable price for adventure seekers, daily commuters, and casual riders.
“It was a necessity that the world didn’t even know it needed. We started the production and distribution from a single room, but we always knew it would get bigger and better, because, more than business, it was about healthier and better being,” said Sumedh Battewar, CBO and Co-founder, EMotorad.
EMotorad Sells 80K Electric Cycles in 3 Years
In three years, the company says, it has clocked over $36 million in revenue returns and sold over 80,000 electric cycles. In October 2022, EMotorad raised Rs 24 crore in a pre-Series A round led by Green Frontier Capital, LetsVenture, and Ivy Growth Associates.
The company believes that buying an e-bike is an investment, which is why we go above and beyond to provide our customers with exceptional service and support. From pre-sale consultations to post-purchase maintenance and repairs, the company offers a committed, seamless and hassle-free experience.
Furthermore EMotorad claims to be more than just an e-bike company founded in India; it says that it is a community of like-minded individuals who share a passion for e-bikes and a commitment to creating a better world
This funding round was led by Panthera Growth Partners, with participation from xto10x, Alteria Capital, and Green Frontier Capital.
