Pune-based EMotorad, an electric cycle company, has successfully raised $20 million in a Series B funding round led by Panthera Growth Partners, with participation from xto10x, Alteria Capital, and Green Frontier Capital. Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, EMotorad is dedicated to providing eco-friendly and futuristic e-bikes at an affordable price, targeting adventure seekers, daily commuters, and casual riders.
The funds secured will be strategically utilized to bolster the development of smart electric cycles, improve manufacturing capabilities, and expand the company’s offline presence in both domestic and global markets. Sumedh Battewar, CBO, and Co-founder of EMotorad emphasized the company’s commitment to enhancing well-being through their electric cycles, stating that they started from a single room, anticipating growth in line with their mission.
In just three years, EMotorad boasts impressive achievements, including over $36 million in revenue returns and the sale of more than 80,000 electric cycles. This funding follows a successful pre-Series A round in October 2022, where the company raised Rs 24 crore led by Green Frontier Capital, LetsVenture, and Ivy Growth Associates. The startup’s strategic focus revolves around delivering premium-quality electric bicycles with affordability, leveraging local sourcing and manufacturing capabilities in India.
That’s fantastic news! EMotorad is making waves in the electric cycle industry. They have recently secured an impressive $20 million in funding, which is a major achievement. I’m sending my best wishes to the EMotorad team for their continued success!
~ Dr Shishir Gupta founder & CEO of StartupLanes
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