Electric bike startup EMotorad on Tuesday said it has raised Rs 24 crore in a funding round to fuel its business growth plans and talent acquisition, among others.
The pre-Series A funding round was led by Green Frontier Capital (GFC), a firm that specialises in climate investment, LetsVenture and Ivy Growth associates, the company said in a statement. The e-bike company, which has a manufacturing facility in Pune, claims it has sold over 35,000 units since its inception in 2020. Last month, it announced plans to enter the European market with five countries — Spain, Italy, Germany, France and Netherlands — in the region to begin with.
Amid the unprecedented demand for e-bikes emerging in India, the startup aims to utilise the freshly raised capital to accelerate business growth, hire top industry talent and scale the business, it said in a statement on Tuesday. In addition, EMotorad also plans to build a layer of tech on top of the existing e-bike that will grant users access to a one-of-a-kind platform for the cycling community focusing on health and community benefits, it said. “GFC is one of the leading cleantech investors in India. Their solution-driven approach and the expertise they bring to the table made them an obvious match,” Kunal Gupta, Co-founder and CEO of EMotorad, said.
The company said after establishing presence in global markets, it plans to continue expanding its operations to newer regions around the world and strengthening its presence in already established markets like Europe and Australia. Emotorad said it is looking to generate cumulative revenue of Rs 165 crore this fiscal.