EMotorad, an electric bike startup has recently raised Rs 24 crore in Pre-series A funding led by Green Frontier Capital (GFC) – specialising in climate investment, LetsVenture and Ivy Growth associates.
EMotorad aims to utilise the acquired funds to accelerate business growth, hire top industry talent and scale the business. 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.
The company claims to have 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.
Kunal Gupta – Co-founder & CEO of EMotorad said, “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.”
Sandiip Bhammer, 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. What struck us the most 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.”
EMotorad said, It plans to deepen the digital and offline journey for its buyers through exclusive brand outlets, as well as a strong B2C 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.