The gigafactory will be completed in four phases with Phase 1 spanning across 2,40,000 sq ft
The factory will be able to develop up to 5 Lakh e-cycles each year to cater to domestic as well as international demand
The company said that this facility will build components for the e-cycles such as batteries, motors, displays, and chargers
EV startup EMotorad has announced that it will build the world’s largest electric cycle gigafactory at its current location in Pune.
The gigafactory will be completed in four phases with Phase 1 spanning across 2,40,000 sq ft.
The factory will be able to develop up to 5 Lakh e-cycles each year to cater to domestic as well as international demand.
The company said that this facility will build components for the e-cycles such as batteries, motors, displays, and chargers.
Besides India, EMotorad will look to expand its presence in Europe and the US. As of now, the largest chunk of its exports goes to European countries and the US.
Kunal Gupta, founder & CEO of EMotorad, said the factory marks a significant step forward for the startup to penetrate deeper into the European and North American markets.
Gupta told Inc42 that the company has around 300 multi-brand outlets and around 11 exclusive stores across Tier I.
In FY24, the company claims to have registered a revenue of INR 145 Cr and claims to be on track to report revenue of around INR 300 Cr in FY25. The startup did not share its financials for FY24 so these claims are as yet unverified.
“Around this, 40% of the revenue is coming from the domestic market and 60% from the international market,” Gupta claimed.
The company also said that with the completion of the first phase of its gigafactory, it will become South Asia’s largest electric cycle factory and the largest outside of China.
Founded in 2020 by Rajib Gangopadhyay and Gupta, along with Aditya Oza and Sumedh Battewar, EMotorad sells electric cycles for daily commutes and casual rides.
This development comes a few months after the startup raised $20 Mn (INR 166.8 Cr) as a part of its Series B funding round led by Panthera Growth Partners.
The round also saw participation from Alteria Capital, xto10x Technologies and existing investor Green Frontier Capital.
Before that, it raised INR 24 Cr in its Pre-Series A funding round led by Green Frontier Capital (GFC), LetsVenture, and Ivy Growth associates in October.
Recently, the company also roped in former Indian cricketer Mahendra Singh Dhoni as an equity investor as well as its brand ambassador.
EMotorad competes against Ninety One Cycles, CycleCircle, Gear Head Motors, Lightspeed Bikes and others in the electric cycle segment.
