EMotorad has recently raised Rs 24 crore in a Pre-series A round led by Green Frontier Capital (GFC), an investment firm specializing in climate investment, LetsVenture, and Ivy Growth Associates.
The startup plans to utilize the funds to scale the business, hire the best talents in the industry, and accelerate business growth. Additionally, it intends to incorporate cutting-edge technology to transform consumers’ perceptions of cycling.
Additionally, it plans to add a layer of technology to the current e-bike that will provide consumers access to a unique platform for the cycling community that focuses on health and social benefits.
“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,” said Sandiip Bhammer, the Managing Partner of Green Frontier Capital.
EMotorad (EM), a Pune-based electric vehicle startup founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, aims to provide eco-friendly, cutting-edge e-bikes for adventurers, daily commuters, or casual riders at an accessible price. The EV startup uses India’s local sourcing and production resources to offer premium-quality electric cycles at reasonable pricing.
The startup has increased its customer base in Nepal, Japan, the UAE, and Europe. Globally, EMotorad is present across numerous regions. Along with adding more than 160 dealers in India. EM is currently present across 82 towns and cities in India and abroad.
Speaking on the investment round, Kunal, 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.”