EMotorad, the electric cycle manufacturing trailblazer, has successfully raised $20 million in a Series B funding round. The funding was spearheaded by Panthera Growth Partners, with participation from xto10x, Alteria Capital, and Green Frontier Capital, marking a significant milestone for the startup.
Green Frontier Capital, a key contributor in EMotorad’s pre-Series A round last year, demonstrated continued confidence in the startup’s vision. Panthera Growth Partners, known for backing successful Indian startups, including FabHotels, BigBasket, Pepperfry, OfBusiness, and Zivame, led the funding round, signifying robust support for EMotorad’s strategic initiatives.
Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, EMotorad has been gaining traction for its eco-friendly and futuristic e-bikes, catering to adventure seekers, daily commuters, and casual riders. The $20 million infusion from the Series B round is earmarked for the development of smart electric cycles, bolstering manufacturing capabilities, and expanding offline presence both domestically and in overseas markets.
EMotorad has already established its presence in approximately 18 countries, including the US, UAE, Japan, Australia, and Nepal. The startup has set ambitious goals, announcing plans to enter the European market, targeting countries such as Spain, Italy, Germany, France, and the Netherlands.
One distinctive aspect of EMotorad’s business model is its commitment to sourcing around 70% of components locally. Over the past three years, the company has sold over 80,000 electric cycles and aspires to reach the 100,000-unit milestone globally by the fiscal year 2025.
Financially, EMotorad demonstrated solid performance, reporting revenue of Rs 62 crore for the fiscal year ending in March 2022, with a minimal loss of Rs 2 crore. The startup’s trajectory has been impressive, achieving Rs 130 crore in revenue for FY23. Looking ahead, EMotorad aims to attain EBITDA profitability within the next 24 months.
Competing in a dynamic landscape, EMotorad faces notable players such as TrottleMotors, eLIFE, Motovolt, and Yulu. As the electric cycle market continues to evolve, EMotorad positions itself not only as a provider of innovative and eco-conscious transportation solutions but also as a key player in the global shift towards sustainable mobility.
The Series B funding, led by Panthera Growth Partners, not only injects substantial financial support into EMotorad but also serves as a testament to the company’s potential to shape the future of electric mobility. With a focus on smart technology integration, local component sourcing, and strategic global expansion, EMotorad appears poised to make significant strides in the electric cycle industry in the coming years.