This EV startup is riding its way to success with its Made in India electric cycles
Electric Vehicles (EVs) are the future of mobility. With the Indian EV market yet to reach its full potential, many upcoming EV startups in the country have been developing smart mobility solutions. One of the latest entrants in the sector is Pune-based e-cycle startup EMotorad (EM).
Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, the EV startup aims to bring across premium quality electric cycles at an affordable price, utilising its local sourcing and manufacturing capabilities.
The startup, with clients in 58 countries, is offering three models at present and aims to give commuters an environment-friendly and economical way of commuting.
“We currently have over 2,000 e-bikes on Indian roads,” says Sumedh.
Founders (L-R): Kunal Gupta, Rajib Gangopadhyay, Sumedh Battewar and Aditya Oza
The team and workings
Rajib and Kunal had earlier worked together and set up operations for a rental mobility startup. While in college, Kunal and Aditya had worked together to solve commute problems for college students who could not afford cab services back then as they were expensive.
Sumedh was a sales and IoT expert who was initially a vendor to Kunal and Rajib’s startup.
It was around 2016-2017 that the four co-founders came together and brainstormed ideas and came to the conclusion that electric mobility is the future, and EMX was the flagship product that was launched in August 2020.
According to Rajib, the core idea behind developing these e-cycles is that the availability of similar specifications and features are still a luxury for a common man.
Rajib strongly believes that the local setup, where industry giants like Tata are stepping into the field of battery, motor, and high-end technology for EV, will lead to job creation, innovation in the industry, and reduced prices for OEMs like EMotorad.
EMotorad has launched a dual-suspension e-bike, touted to be India’s first, called EMX. It can achieve the maximum speed capacity of 28 km/hour and the model is capable to travel a distance of 45 km on a single charge.
Its second flagship product, T-Rex, launched in January this year, has been designed keeping in mind rough Indian terrains. The startup’s third product Doodle is a fat-tyre foldable e-bike, and this sustainable entity plans on going international from June.
EMX, T-Rex, and Doodle are currently priced at Rs 54,990, Rs 38,990, and Rs 75,990, respectively.
“The cost difference is mainly on the basis of display, battery capacity, frame, derailleurs, handlebar, stem, etc. Similar e-bikes from other brands range anywhere between Rs 80,000 and Rs 1 lakh,” says Rajib.
The startup is expanding its presence in the UAE (Dubai, Abu Dhabi, Sharjah, and Oman) with the launch of two new products - Trible, a tri-fold e-bike; and Ener-G, a mini scooter for delivery, in September this year.
EMotorad is also building a tracking and security app that will relay the data on the customer’s smartphone. The app will have an odometer reading, trip meter, the voltage of the battery, battery status, calories burnt, and so on.
Funding and revenue
The bootstrapped startup is in the process of raising its initial funding.
“Our revenue in the Indian B2C market will be exceeding $1 million in less than six months. In the international B2B market, we are targeting $25 million revenue by the end of the last quarter this year, having $6 million purchase orders already in place,” says Kunal.
Aditya says EMotorad got its first customer set in the month of August last year. “We were extremely anxious about the COVID scenario and the sale of our first set of bikes was a blissful surprise as we ended up selling 1,200+ bikes in the first 40 days of launch.”
“We have invested Rs 20 crore in the entire business till now. The business as a whole is profitable,” Aditya adds.
The market and competition
According to ResearchAndMarkets.com, the electric bikes market in India is estimated to reach a valuation of Rs 17.43 billion by FY 2024, from Rs 2.92 billion in FY 2019, expanding at a CAGR of 42.95 percent during the FY 2020-FY 2024 period.
Electric bikes have already set a prominent footprint in the states of Uttar Pradesh, West Bengal, Gujarat, Tamil Nadu, and Maharashtra, the report said.
With further development in charging infrastructures and support by government initiatives, the adoption of electric bikes is likely to increase in other parts of the country as well.
The Indian e-bike market is moderately fragmented with the presence of a number of startups and companies such as Hero Cycles, Trek Bikes, GoZero, Giant Bicycles Co Ltd, Zadd Bikes, Eadicct Mobility Solutions, and others.
Rajib says, “We are all set to launch in the UAE on July 1 this year. We are also preparing to explore the B2C opportunities across the African subcontinent and SouthEast Asia, with Vietnam, Indonesia, and Thailand as our primary targets.”
“In the B2B space, we are supplying white-labelled products to Europe, the Middle East, and American markets. We are also looking to tie up with delivery giants to bring the cost of delivery for delivery boys down to Rs 1/ 10 km of travel,” he says.
The startup is doing business across B2C segments in India and is planning to launch in eight more countries by Q4 2021. At present, it has B2B customers in India and abroad.
“We are trying to solve the problem of non-reliability in the electrical commute due to the low quality of products available in the market. We are trying to help India make a shift to EV. In the process, we aim to make a name for India as a prominent contributor across the world in the EV sector,” says Kunal.