EMotorad, a startup engaged in the manufacture of Electric Cycles has secured ₹ 24 Cr in a Pre-Series A funding round to grow its propel its business to the next level.
The startup intends to use the additional funds to foster corporate expansion, hire more professionals with industry experience, and speed up operations as the nation’s ebike demand is on the rise.
Additionally, the firm announced that it also intends to build a technological layer on top of its current ebike that would provide its riders access to a unique platform for the cycling community that focuses on health and community advantages.
It was asserted that the application will fundamentally alter how people view ebikes since they would become more than just activity trackers with insights to improve experiences and health.
EMotorad aims to expand its global operations
“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,” said Kunal Gupta, cofounder and CEO of EMotorad. “By doing so, we not only answer their fitness needs but also provide a sustainable and viable mobility option.”
Founded in 2020 by Gupta along with Rajib Gangopadhyay, Aditya Oza, and Sumedh Battewar, EMotorad aims to bring across premium quality electric cycles at an affordable price by utilising its local sourcing and manufacturing capabilities in India.
Besides its domestic presence, EMotorad has also expanded to Japan, UAE, and Nepal. The startup claims to be present across 82 towns and cities in India and abroad. It also claims to have sold over 16,000 ecycles in India since its launch while exporting 11,000 bikes to the rest of the geographies.
The funding round was led by Green Frontier Capital (GFC), LetsVenture, and Ivy Growth associates.
