EV Brand EMotorad raised 24 Cr in a funding round backed by Green Frontier Capital and others.
An electric vehicle startup, EMotorad raised 24 Cr in a Pre-Series A round backed by Green Frontier Capital. LetsVenture and Ivy Growth associates also participated in this funding round.
Kunal Gupta, Co-founder, and CEO of EMotorad said, “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”.
This Pune-based startup has raised 24 Cr in a Pre-Series A funding round and plans to utilize these funds to elevate the business growth of the company. Along with business growth, the startup will utilize the funds to onboard talents for the company. In addition to this, the startup also aims to fulfill the growing demands of E-bikes across the nation.
Currently, the startup is present in over 82 towns and cities in India as well as abroad. Besides its domestic presence, EMotorad also operates in Japan, UAE, and Nepal.
EMotorad is an EV Startup based in Pune which was launched in 2020. Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar are the founders of this startup. The company offers eco-friendly bikes at an affordable price.
More than 35,000 units have been sold and the company has a production capacity of producing 90,000 units per year. The company is growing at a rapid pace and has been increasing its revenue. With Rs 4 Cr in FY21 and Rs 140 Cr in the first half of FY23, the company expects to earn Rs 165 Cr by the end of FY23.
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