EV startup Emotorad has raised $20 million (approx. Rs 164 crore) in the recent Series B funding round. The investment was led by Singapore-based Panthera Growth Partners, with participation from xto10x Technologies, Alteria Capital, and existing investor Green Frontier Capital. The funding is aimed at global expansion and taking it head-on with existing globally dominant players like China.
The company already has a presence in the international market in over 18 countries, and apart from India, it operates in Europe, Japan, Australia, and the UAE. With its innovative e-bikes and affordable price range, it caters to all types of riders, like adventure lovers as well as urban commuters. As of now, it has sold more than 72,000 e-bikes, and the number is increasing every day. It also has 22 registered patents for its innovative designs and technology.
When the whole world is moving towards sustainability and moving from traditional fossil fuels towards other sustainable methods of transportation, the demand for electric vehicles is increasing every second. This new funding will help Emotorad expand more internationally and fill the demand gap. The company will also use the investment to enhance its manufacturing capabilities and launch new product lines.
The company’s co-founders are Rajib Gangopadhyay (Founder & MD), Kunal Gupta (CEO), Aditya Oza (CMO), and Sumedh Battewar (CBO), and it is headquartered in Pune, Maharashtra, India.