The electric vehicle company EMotorad secured a Rs 164 crore in funding round, headed by Panthera Growth Partners, a growth-stage venture capital firm. Venture debt fund Alteria Capital, current investor Green Frontier Capital, and startup scaling firm xto10x also participated in the funding round.
Read also – [Funding alert] Cannarma Secures Undisclosed Amount in Pre-Seed Round led by Praveen Kaushik
A debt-funding round from Alteria Capital raised about Rs 20 crore of the total funding, while an equity-round raised about Rs 144 crore.
Read also – [Funding alert] Ultimate Kho Kho Raises Series A Funding From BNP Group
The Company plans to use the funding for both footprint expansion and research and development. According to Chief Executive Kunal Gupta, EMotorad plans to use the money to construct a manufacturing facility spanning 150,000 square feet. According to him, the building will be used to develop and produce internal battery systems, motors, displays, and chargers.
Read also – [Funding alert] Global Dental Services Secures $50 Mn From Qatar Investment Authority
“At EMotorad, we have backed a team with a vision trying to build a dominant micro-mobility company out of India for the global markets… This aligns with our strategy to back fast-growing differentiated technology-led businesses driving new economy consumption,” said Shilpa Kulkarni, general partner, Panthera Growth Partners.
Read also – [Funding alert] Mahendra Singh Dhoni Invests in Fitness Startup Tagda Raho
The Company primarily produces vehicles for leisure and health, the funds will be utilized as well to produce vehicles for commuting. About half of its 14 products are sold in India, with the remaining products going to the US and Europe. India accounts for about half of the company’s overall sales, Gupta told.
Read also – [Funding alert] Conscious Chemist Secures Undisclosed Amount From Inflection Point Ventures
About EMotorad
EMotorad (EM) is an electric vehicle company that strives to bring futuristic e-bikes at an affordable price for adventure seekers, daily commuters, or casual riders. EMotorad operates in Europe, India, Japan, Australia and UAE, dedicated to providing our customers with the best e-bikes on the market and a world-class customer experience. EMotorad offer a wide range of models that cater to different needs and preferences, ensuring that everyone can find the perfect e-bike for their lifestyle.
