Electric vehicle (EV) startup EMotorad has raised $20 Mn (INR 166.8 Cr) as a part of its Series B funding round led by Panthera Growth Partners.
The round also saw participation from Alteria Capital, xto10x Technologies and existing investor Green Frontier Capital.
EMotorad will use the fresh funds to boost its manufacturing capabilities, launch technologically enhanced smart electric bicycles and deepen its offline presence across key regions in domestic and global markets.
“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,” said Rajib Gangopadhyay and Kunal Gupta, cofounders of EMotorad.
Founded in 2020 by Gangopadhyay and Gupta, along with Aditya Oza and Sumedh Battewar, EMotorad sells electric cycles for daily commuting and casual rides. It aims to offer sustainable travel alternatives through premium electric cycles and promote a healthier lifestyle.
EMotorad claims to have sold more than 80,000 electric cycles across the globe clocking a revenue of $36 Mn. It aims to expand to 100,000 electric cycles by FY25 globally.
EV startup EMotorad raised INR 24 Cr last year in its Pre-Series A funding round led by Green Frontier Capital (GFC), LetsVenture, and Ivy Growth associates.
Recently, Delhi NCR-based EV startup Baaz Bikes raised $8 Mn in its Series A funding round led by Singapore-based BIG Capital to expand and strengthen its e-bike offerings for last-mile delivery.
Electric two-wheeler registrations in India surpassed the 70,000 mark after four months in October, as vehicle demand for a handful of manufacturers continued to witness a sharp rise.
On a month-on-month (MoM) basis, two-wheeler EV registrations rose 9.8% to 70,248 units in October, as per Vahan data on October 31.
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