Indian EV start-up EMotorad raises Rs 24 crore in Pre Sequence A funding; plans to rent new expertise

Homegrown electrical automobile (EV) start-up EMotorad, on Friday, introduced that it had raised Rs 24 crore in a funding spherical to gasoline its enterprise progress plans and expertise acquisition. The electrical bike model’s this Pre-series A funding was led by Inexperienced Frontier Capital (GFC), LetsVenture and Ivy Development associates.

EMotorad, with this funding, in an announcement revealed that it goals to speed up enterprise progress, rent high trade expertise and scale the enterprise. Rajib Gangopadhyay, Kunal Gupta, Aditya Oza and Sumedh Battewar based start-up additionally plans to combine superior expertise to remodel the way in which customers take a look at biking.

The e-bike firm, which has a producing facility in Pune, claims it has offered over 35,000 models since its inception in 2020. EMotorad additionally revealed that it’s seeking to generate a cumulative income of Rs 165 crore this fiscal.

Kunal Gupta, Co-founder & CEO of EMotorad, whereas talking on the funding spherical, stated, “We have now at all times believed within the energy of e-bikes to optimize well being effectivity. We want to design merchandise and expertise in such a means that it locations itself within the consumer’s journey to changing into wholesome. An out of doors Peleton of types. By doing so, we not solely reply their health wants but additionally present a sustainable and viable mobility possibility.”

“GFC is among the main cleantech traders in India. Their solution-driven method and the experience they convey to the desk made them an apparent match. We’re grateful to GFC and lots of different early believers and angels for backing our imaginative and prescient of constructing in India to serve the world,” Gupta added.

EMotorad additionally plans to construct a layer of tech on high of the present e-bike that may grant customers entry to a one-of-a-kind platform for the biking group specializing in well being and group advantages. The corporate additionally claims that this utility would revolutionise the way in which folks take a look at e-bikes because it serves as greater than an exercise tracker, with insights to optimise well being and experiences.

Sandiip Bhammer, Managing Companion of GFC, stated, “At GFC, we’re actually enthusiastic about our funding in EMotorad. EM is constructing an EV firm with a big world potential. What struck us essentially the most about EM is the tempo at which they had been in a position to broaden the enterprise throughout geographies in simply 2 years of existence, not solely this the expertise they’re constructing on the highest of their bikes is a sport changer, it’s going to change the way in which folks cycle.”

Bhammer additional added, “Cracking new-age distribution channels has been their extra edge and we imagine they are going to be capable of attain speedy progress & earnings with the imaginative and prescient they’ve for the corporate. EMotorad has been in a position to ship high-quality e-bikes at cheap costs. With a various product portfolio to go well with numerous end-user wants, wonderful product designs and the fitting channel companions like Tata Croma and Reliance Retail to assist it place gross sales progress into the Indian market, we imagine that EMotorad is well-placed to change into the market chief in India within the very close to future.”

Final month, the start-up introduced its plans to enter the European market – Spain, Italy, Germany, France and Netherlands. The corporate additionally stated that after establishing a presence in world markets, it plans to proceed increasing its operations to newer areas around the globe and strengthening its presence in already established markets like Europe and Australia.

The corporate additionally plans to deepen the digital and offline journey for its consumers via unique model retailers, in addition to a robust D2C presence.