EMotorad, a Pune-based start-up that manufactures electric cycles, has secured $20 million as part of its series B funding round spearheaded by Panthera Growth Partners.
The company said in its statement that it is dedicated to advancing technology in motor, drivetrain, and battery components, aiming to enhance the overall user experience with both its current and upcoming products.
In a recent Series B funding round, which witnessed participation from existing investors, the company is gearing up to propel its growth in the global micro-mobility EV industry, anticipating surpassing China in export volumes.
The newly secured funds are earmarked for bolstering manufacturing capabilities, introducing technologically advanced smart electric bicycles, and expanding offline presence in key regions within domestic and international markets. This strategic move positions EMotorad to further solidify its standing as an industry leader, the company said.
Shilpa Kulkarni, founder and general partner at Panthera Growth Partners shared "At Emotorad, we have backed a team with a vision trying to build a dominant micro-mobility company out of India for the global markets. EMotorad has a strong innovation-led DNA working towards building sustainable eco-friendly solutions in the mobility space. This aligns with our strategy to back fast-growing differentiated technology-led businesses driving new economy consumption"
Rajib Gangopadhyay, founder, and Kunal Gupta, co-founder and CEO of EMotorad, expressed enthusiasm about the transformative investment: "This capital infusion is a testament to the tireless efforts of our team and the unwavering trust our investors have in our vision. We are excited to leverage this investment to further develop tech-enabled electric cycles, expand our reach, and make mobility sustainable and accessible to all."
From its inception, EMotorad has sold more than 80,000 electric cycles across the globe clocking a revenue of 36 million USD. It aims to expand to 100,000 electric cycles by FY 25 globally.
