Pune-based electric cycle startup EMotorad has raised $20 million (Rs 166 crore) in a Series B round led by Panthera Growth Partners. The round also saw participation from xto10x, Alteria Capital, and existing investors Green Frontier Capital.
The start-up aims to deploy fresh funding to develop technologically enhanced smart electric cycles, boost manufacturing capabilities, and deepen offline presence across key regions in domestic and global markets.
The company was founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Sumedh Battewar, and Aditya Oza.
“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.
Today, the company claims it has achieved more than $36 million in revenue returns in three years, selling more than 80,000 electric cycles.
Santosh Shet of Panthera Growth Partners said, “EV market is at a nascent stage and Emotorad’s innovation is fresh and new and can be a great example for Indian startups going forward. With its ‘Make in India’ vision leveraging strong R&D capabilities is all set to capitalise on the China +1 strategy, to become a dominant player.”
Aditya Oza, CMO and Co-Founder, EMotorad said, “We are ready to bring to the world our unparalleled drivetrain technology and show the power and reliability of Indian manufacturing.”
