Medilytix Bureau:
Homegrown electric vehicle (EV) start-up EMotorad, on Friday, announced that it had raised Rs 24 crore in a funding round to fuel its business growth plans and talent acquisition. The electric bike brand’s this Pre-series A funding was led by Green Frontier Capital (GFC), LetsVenture and Ivy Growth associates.
EMotorad, with this funding, in a statement revealed that it aims to accelerate business growth, hire top industry talent and scale the business. Rajib Gangopadhyay, Kunal Gupta, Aditya Oza and Sumedh Battewar founded start-up also plans to integrate advanced technology to transform the way consumers look at cycling.
The e-bike company, which has a manufacturing facility in Pune, claims it has sold over 35,000 units since its inception in 2020. EMotorad also revealed that it is looking to generate a cumulative revenue of Rs 165 crore this fiscal.
Kunal Gupta, Co-founder & CEO of EMotorad, while speaking on the investment round, said, “We have always believed in the power of e-bikes to optimize health efficiency. We wish to design products and technology in such a way that it places itself in the user’s journey to becoming healthy. An outdoor Peleton of sorts. By doing so, we not only answer their fitness needs but also provide a sustainable and viable mobility option.”