Bengaluru-based Emflux Motors, an electronic bike company, has raised Rs 2 crore in a new round of investment with existing and new investors. The round saw investors like R Gopal Reddy, MD of Concorde Group, Narendra Sujan, Director of Sujan Group, Fabian Brian Crain, Co-founder of Chorus One and Epicenter, and existing investors – Meher Roy & Rishabh Gupta along with other HNIs participated in the round, according to data intelligence firm paper.vc.
Emflux Motors was founded in 2016 by a group of technology enthusiasts, Varun Mittal, Vijay Raj Somashekhar and Ankit Khatry, to launch various electric products in the transportation sector. The company is also floating its first prototype in the market by the end of October, this year. The price of the bike is further estimated at Rs 5 lakh per unit.
Varun has had experience in management roles at companies like Rocket Internet and Jugnoo, Ankit was his colleague at Jugnoo and used to work as a launch manager, while Vinay handles design and has previously worked at auto firm TVS.
The company on its website states, “Our mission is to empower 10 Million electric two wheelers in India by 2027 with our two – pronged market focus – firstly build brand and loyalty by producing high – performance electric motorcycle and secondly create an ecosystem of partner OEMs to whom we will become the technology and component supplier.”
According to a market research report, the Indian automobile market is the fastest growing markets in the world. The automotive industry is also expected to pull up India’s manufacturing share to GDP by 25 percent in the next 4 years from 15 percent. However India’s electric industry is in its infant stage, when compared to markets like US and China. China currently holds over 50 percent share in the electric market, during 2016, with India still at 0.1 percent. The change is definitely anticipated in the country with authorities floating in the FAME scheme which plans to hit the production of 7 million electric vehicles by 2020.
The company is further backed by founder of Jugnoo, Samar Singla, Jugnoo CFO Nitish Singh. With Ola and Uber improving its services technologically, this surely looks like a Jugnoo move.