EMotorad has successfully raised Rs 200 lakh in a Series-B funding round, marking a significant milestone in their journey to revolutionize sustainable transportation. The round, led by Panthera Growth Partners, saw participation from xto10x, Alteria Capital, and existing investors Green Frontier Capital.
Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Sumedh Battewar, and Aditya Oza, EMotorad emerged during the COVID-19 pandemic, driven by a shared vision of creating a necessity the world didn’t yet recognize. Sumedh Battewar, CBO and Co-Founder, reflects on their humble beginnings, starting production and distribution from a single room. “We always knew it would get bigger and better because, more than business, it was about healthier and better being,” he added.
In just three years, EMotorad has achieved remarkable success, boasting more than Rs. 330 Lakhs in revenue returns and selling over 75,000 electric cycles.
The recent injection of Rs. 200 Lakhs in funds is poised to catalyze EMotorad’s ambitious plans. The company intends to channel these resources into developing technologically enhanced smart electric cycles, expanding manufacturing capabilities, and deepening its offline presence across key regions in domestic and global markets.
EMotorad’s Co-Founder, Aditya Oza, shared their emotional journey and stressed how EMotorad is ready to take on new challenges with passion and rigour. Oza emphasizes their readiness to showcase unparalleled drivetrain technology, highlighting the power and reliability of Indian manufacturing.
One of the primary objectives for the newly acquired funds is to fortify the ‘Make in India’ initiative. The company aspires to take a leading role in the global electric vehicle (EV) sector, showcasing India’s prowess in sustainable transportation. Santosh Shet, Executive Director at Panthera Growth Partners, notes the nascent stage of the EV market and praises EMotorad’s fresh and innovative approach, anticipating it to set an example for Indian startups.
In conclusion, EMotorad’s successful Series B funding not only propels the startup into a new phase of growth and innovation but also positions it as a key player in the global EV landscape, proudly representing India’s capabilities in sustainable and eco-friendly transportation solutions.