emotorad: Electric bicycle-maker EMotorad bags Rs 164 crore in funding

The funding round also saw participation from startup scaling firm xto10x, venture debt fund Alteria Capital and existing investor Green Frontier Capital. About Rs 144 crore of the total funding was raised in an equity round, while Rs 20 crore was raised in debt funding from Alteria Capital.

The Pune-based firm will use the funds in research and development, as well as in expanding its footprint.

“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… This aligns with our strategy to back fast-growing differentiated technology-led businesses driving new economy consumption,” said Shilpa Kulkarni, general partner, Panthera Growth Partners.

EMotorad will use the funds to build a 150,000 square feet manufacturing facility, said its chief executive Kunal Gupta. The facility will be used to develop and manufacture in-house battery systems, motors, displays and chargers, he said.

The funds will also be used to make commute-focused vehicles, as the firm currently makes mostly leisure and health focused vehicles. It makes 14 products, about half of which are sold in India and the rest are sold in the US and Europe. About half of its total sales come from India, Gupta told ET.

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While most of its products cost Rs 25,000-60,000 in India, they cost 600-1,500 euros (Rs 54,700 to Rs 1.36 lakhs) in Europe.EMotorad wants to increase its presence in India fourfold to about 800 stores, and expand in countries such as Spain, Italy, France and Germany. It reported revenue of Rs 130 crore in 2022-23, and aims to be EBITDA-level profitable in the next 24 months, Gupta said, without giving further details.

The funding round also saw participation from startup scaling firm xto10x, venture debt fund Alteria Capital and existing investor Green Frontier Capital. About Rs 144 crore of the total funding was raised in an equity round, while Rs 20 crore was raised in debt funding from Alteria Capital.

The Pune-based firm will use the funds in research and development, as well as in expanding its footprint.

“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… This aligns with our strategy to back fast-growing differentiated technology-led businesses driving new economy consumption,” said Shilpa Kulkarni, general partner, Panthera Growth Partners.

EMotorad will use the funds to build a 150,000 square feet manufacturing facility, said its chief executive Kunal Gupta. The facility will be used to develop and manufacture in-house battery systems, motors, displays and chargers, he said.

The funds will also be used to make commute-focused vehicles, as the firm currently makes mostly leisure and health focused vehicles. It makes 14 products, about half of which are sold in India and the rest are sold in the US and Europe. About half of its total sales come from India, Gupta told ET.

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While most of its products cost Rs 25,000-60,000 in India, they cost 600-1,500 euros (Rs 54,700 to Rs 1.36 lakhs) in Europe.EMotorad wants to increase its presence in India fourfold to about 800 stores, and expand in countries such as Spain, Italy, France and Germany. It reported revenue of Rs 130 crore in 2022-23, and aims to be EBITDA-level profitable in the next 24 months, Gupta said, without giving further details.