Electric cycle manufacturing company EMotorad has raised $20 million in a Series B round led by Panthera Growth Partners, with participation from xto10x, Alteria Capital, and Green Frontier Capital.
Green Frontier Capital had led EMotorad’s pre-Series A round in October last year while Panthera Growth Partners has backed several Indian startups such as FabHotels, BigBasket, Pepperfry, OfBusiness, and Zivame, among others.
The startup plans to use the latest funding to develop smart electric cycles, enhance manufacturing capabilities, and expand its offline presence in domestic and overseas markets.
Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, EMotorad sells eco-friendly, futuristic e-bikes at an affordable price for adventure seekers, daily commuters, and casual riders.
EMotorad is present in around 18 countries, including the US, UAE, Japan, Australia, and Nepal. Last year, the startup also announced its plans to enter the European market with Spain, Italy, Germany, France and the Netherlands.
The company claims that it is sourcing approximately 70% of the components locally, and has sold over 80,000 electric cycles in the last three years. It further aims to expand to 100,000 electric cycles by FY25 globally.
For the fiscal year ending in March 2022, EMotorad registered Rs 62 crore in revenue with only Rs 2 crore loss, as per data sourced from TheKredible. According to the company, it recorded Rs 130 crore in revenue in FY23 and aims to achieve EBITDA profitability in the next 24 months.
EMotorad competes with TrottleMotors, eLIFE, Motovolt, and Yulu, among several others.
