EV Brand EMotorad Raises Rs 24 Cr In Pre-Series A Round
EMotorad, an electric vehicle company, has recently raised Rs 24 crore in a Pre-series A funding round led by Green Frontier Capital (GFC) and Ivy Growth Associates.
As per the startup, the raised funds will be used to accelerate business growth, hire top industry talent, and scale the business. EMotorad also plans to integrate advanced technology to transform how consumers view cycling.
EMotorad | e-bikes At An Affordable Price
Founded by Kunal Gupta, Rajib Gangopadhyay, Aditya Oza and Sumedh Battewar in 2020, EMotorad (EM) is an electric vehicles company that strives to bring futuristic e-bikes at an affordable price for adventure seekers, daily commuters, or health enthusiasts.
The Pune-based startup aims to bring across premium quality electric cycles at an affordable price, utilizing its local sourcing and manufacturing capabilities in India.
Speaking on the development, Kunal Gupta, Co-founder & CEO of EMotorad, said,
“We have always believed in the power of e-bikes to optimize 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. An outdoor Peleton of sorts. By doing so, we not only answer their fitness needs but also provide a sustainable and viable mobility option.”
Globally, the electric vehicle firm is present in many geographies and has expanded its business in Europe, Japan, UAE, & Nepal. With 160+ dealers in India, EMotorad is currently present across 82 towns and cities in India and abroad.
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 lakh by the end of 2023.
Commenting on the development, Sandiip Bhammer, the Managing Partner of Green Frontier Capital, said,
“At GFC, we are really excited about our investment in EMotorad. EM is building an EV company with a large global potential. What struck us the most about EM 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.”
Follow us and connect with us on Instagram, Facebook, Twitter, and LinkedIn.
Note: If you are a budding entrepreneur and require assistance in new company registration or other startup related legal services, contact us.