Electric cycle company EMotorad raises $20M in Series B round

The startup plans to use the funding to develop smart electric cycles, enhance manufacturing capabilities, and expand its offline presence in domestic and global markets.

Electric cycle company EMotorad raises $20M in Series B round

Monday November 27, 2023,

2 min Read

Pune-based electric cycle 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.

The startup plans to use the funding to develop smart electric cycles, enhance manufacturing capabilities, and expand its offline presence in domestic and global markets.

Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, EMotorad strives to bring eco-friendly, futuristic e-bikes at an affordable price for adventure seekers, daily commuters, and casual riders.

“It was a necessity that the world didn’t even know it needed. We started the production and distribution from a single room, but we always knew it would get bigger and better, because, more than business, it was about healthier and better being," said Sumedh Battewar, CBO and Co-founder, EMotorad.

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In three years, the company says it has achieved over $36 million in revenue returns and sold over 80,000 electric cycles.

"We are investing in an advanced drivetrain manufacturing facility for expansion in Indian and EU markets, while also introducing innovative mobility tech products to strengthen its industry leadership," said Gangopadhyay.

In October 2022, EMotorad raised Rs 24 crore in a pre-Series A round led by Green Frontier Capital, LetsVenture, and Ivy Growth Associates.

The EV startup aims to bring across premium quality electric bicycles at an affordable price, utilising its local sourcing and manufacturing capabilities in India.

"Emotorad's innovative approach in sustainable mobility solutions aligns with our strategy to support tech-driven businesses in the new economy consumption landscape," said Shilpa Kulkarni, Founder and General Partner at Panthera Growth Partners.

(The copy has been updated with additional quotes.)


Edited by Swetha Kannan