EMotorad, an Indian electric bike manufacturer, has secured $20 million in a Series B funding round led by Singapore’s Panthera Growth Partners, with participation from Alteria Capital, xto10x Technologies, and Green Frontier Capital.
According to the startup, the current round of funding propels its total capital to over $22.5 million.
Developing smart electric cycles
The startup plans to use these funds to enhance manufacturing capabilities, develop smart electric cycles, and expand its offline presence in key domestic and global markets.
“This capital infusion is a testament to the tireless efforts of our team and the unwavering trust our investors have in our vision. We are excited to leverage this investment to further develop tech-enabled electric cycles, expand our reach, and make mobility sustainable and accessible to all,” said Rajib Gangopadhyay and Kunal Gupta, cofounders of EMotorad.
Challenging China’s market dominance
The startup, founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, sells electric cycles for daily commuting and casual rides.
EMotorad aims to challenge China’s dominance in the e-bike market. The startup exports its products to over 18 countries, including the U.S., Europe, Australia, Japan, and the Middle East.
Notably, It offers a range of 14 e-bike models, with prices ranging from $600 to $1,200 in the U.S. and 600 to 1,500 euros in Europe.
Focused on proprietary technology
The startup claims to operate a 50-member tech centre in Bengaluru, focusing on developing proprietary technology. Interstingly, EMotorad bikes feature a display that shows error codes for quick issue identification and resolution.
“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, EMotorad.
Assembling in Pune
The startup assembles its products in Pune, with a current production capacity of 90,000 bikes annually. While EMotorad is building a new facility, It expects to increase the production capacity to 400,000 units annually.
It claims to have sold over 80,000 electric cycles globally, generating nearly $36 million in revenue. The startup is expanding its retail presence in India, targeting 800 stores in the next 18 months.
Competitive landscape
EMotorad’s future plans include competing with global brands like Rad Power, Lectric, and Cowboy, particularly in the U.S., Europe, and Australia. The startup aims to sell 100,000 electric cycles globally by the financial year 2025.
EMotorad’s approach is distribution-led in the U.S. and franchisee-based in Australia, Japan, and the UAE, with a direct presence in Europe.
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