Pune-based electric vehicle company EMotorad has secured a hefty $20 million in a Series B funding round.
Led by Panthera Growth Partners, this round saw participation from xto10x, Alteria Capital, and Green Frontier Capital.
Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, EMotorad is on a mission to make eco-friendly electric bikes accessible and affordable. Their goal? To cater to adventure seekers, daily commuters, and casual riders with futuristic e-bikes.
This fresh funding injection will be utilized for several key initiatives. EMotorad aims to beef up its smart electric cycle development, upgrade manufacturing capabilities, and widen its reach in both domestic and global markets.
The demand for electric bikes is growing not only in India but also in other parts of the world. People are looking for ways to cut reliance on fossil fuels, ease traffic congestion, and embrace eco-friendly commuting alternatives that don’t necessitate intense physical activity.
EMotorad’s current lineup boasts 14 e-bike models, with a chunk of them available in India. The company plans to extend its presence beyond borders, with a focus on introducing 7 to 8 models in global markets. Price-wise, these electric wonders range between $600 to $1,200 in the U.S. and 600 to 1,500 euros in Europe.
The company’s vision aligns with the evolving global perspective on sustainable transportation. With this investment, EMotorad is primed to continue revolutionizing the electric cycle landscape, offering innovative solutions for a greener, more accessible mode of transportation.