Pune-headquartered electric bicycle maker EMotorad seems to have successfully managed to ride the disruption wave. The start-up which started operations two years ago, claims to be a profitable business with a growth of around 10-15 percent CAGR, albeit a low-base.
Despite being a young start-up it has managed to sell over 44,000 electric bicycles – 28,000 in global markets, while the remaining 16,000 came from domestic sales – with an average ticket price of Rs 57,000 a unit.
The company recently launched two new products the X-range of affordable e-bicycle starting at Rs 24,999 targetted at the mass market consumer as well as the Elite range starting price of Rs 4.75 lakh targetted at the premium segment as well as the export market.
Going forward, the company is betting on its disruptive technology, which is said to be the first in its segment, christened ‘Amigo’ a connected platform that brings a host of additional features to the biking segment. The platform gives users access to advanced telematics and connected solutions like – speed, calories burnt, navigation and heartbeat monitoring among others. While the exact details and prices are not yet announced, it is expected the device will be priced less than Rs 5,000 and will come with a monthly subscription service for users.
Speaking to Financial Express Online, Rajib Gangopadhyay, Founder, EMotorad sees huge opportunities in the accessories and aftermarket space. Opportunity in offering value-added services is another area Gangopadhyay emphasised on.
In fact, the company is looking to introduce the Amigo platform as an independent service that can be availed by any bicycle user, off course, to take full advantage of the solution, an EMotorad e-bicycle would be ideally suited.
Expansion, investment and future plans
The electric bicycle segment is one of the fastest-growing forms of sustainable mobility solutions globally, especially in the developed parts of the world. It comes as no surprise, that EMotorad has focussed extensively on exports. In fact, 70 percent of the company’s sales come from the overseas market (in terms of value terms).
At present, it has a manufacturing capacity of around 100,000 units per annum which is being scaled upto 300,000 units by end-2023. The idea is to grab 27-30 percent market share in the domestic market, thanks to the affordable new X series range of e-bikes, along with the upcoming new product for the B2B delivery segment.
It is also looking to invest around Rs 22 crore in the country. For the next 2-3 years, it aims to achieve revenue of more than $8-10 million (Rs 125 crore-plus).