Pune-based electric bicycle startup EMotorad has raised $20 million in the Series B round which was led by Panthera Growth Partners. Investors from xto10x Technology, Alteria Capital, and Green Frontier Capital also participated in this funding round.
EMotorad was started by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar in the year 2020. This startup sells everything from eco-friendly electric bicycles, and scooters to all accessories like helmets, lights, lock sets, etc. In the year 2023, the startup clocked a revenue of Rs 130 crore and claimed that they have sold 80,000 e-cycles so far.
Despite this startup being new, it has gained popularity very quickly in India. EMotorad is present in 18 countries, which include Japan, Australia, Nepal etc. All EMotorad products are powered by rechargeable lithium-ion batteries.
This company has so far sold thousands of eco-friendly electric vehicles in India, due to which it has become the leading player in the electric vehicle market. EMotorad’s products have received good reviews from customers and have also received positive media coverage.
The funding will enable EMotorad to continue to drive innovation and provide sustainable transportation solutions that positively impact the environment while maintaining affordable pricing. The investment also highlights the importance of continued support and investment in the electric vehicle industry as we work toward a more sustainable future.
Who is the founder of EMotorad?
EMotorad was founded by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar in the year 2020.
What is the mission of EMotorad?
EMotorad’s mission is to provide affordable and eco-friendly transportation solutions.