The company raised Rs 24 crore in the pre-series A funding round last year from Green Frontier Capital (GFC), LetsVenture, and Ivy Growth Associates.
08 Mar 2023 | 9172 Views | By Autocar Pro News Desk
Pune-based e-bike maker EMotorad claims to have witnessed a 100 percent jump in revenues backed by its Xfactor e-bike series from Rs 70 crores last year to 140 crores in the current year. EMotorad has clocked sales of 50,000 plus units in the current year and attributes its growth primarily coming from Tier ...
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Pune-based e-bike maker EMotorad claims to have witnessed a 100 percent jump in revenues backed by its Xfactor e-bike series from Rs 70 crores last year to 140 crores in the current year. EMotorad has clocked sales of 50,000 plus units in the current year and attributes its growth primarily coming from Tier 2 and Tier 3 cities across India, informed EMotorad CEO, Kunal Gupta.
The company raised Rs 24 crore in the pre-series A funding round last year from Green Frontier Capital (GFC), LetsVenture, and Ivy Growth Associates.
Gupta in an earlier interaction with Autocar Professional had said the e-bike maker plans to raise more funds. He plans to invest $3.5 million in expanding its E-cycles manufacturing, as its business is growing rapidly for which close to $2 million will be spent in acquiring land and $1.5 million to procure the equipment for the new facility.
Sharing the growth plans for the e-bike maker, Kunal said, “EMotorad is poised to lead the charge with strong growth for electric bicycles and e-bike conversion kits". The company which recently made its debut with the entry-level Rs 24,999 category, has garnered over 3000 nationwide bookings for entry-level e-bikes in less than two months.
The e-bike maker is also looking to develop low-speed e-bikes for last-mile delivery partners such as Reliance, Zepto, and specific corporates, who are looking to switch to clean mobility options for their customers.
EMotorad is also into contract manufacturing for select US and Europe-based brands with more than six to ten contracts signed to date, as senior company officials stated after clocking a lifetime revenue of Rs 140 crore for the current year. The company is estimated to end FY2023 with Rs 165 crore in revenues, depending on its engagement with its customers and expanding its distribution and reach.