Green Frontier Capital (GFC), LetsVenture, and Ivy Growth Associates have invested pre-Series A funding of Rs 24 crore (about $2.9 million) in the electric vehicle company EMotorad.
The Pune-based company will utilise the funds to expand operations, attract personnel, and accelerate commercial growth. In order to give consumers access to health and cycling community features, it also plans to pair its current e-bikes with an application, as per reported by VCCircle.
Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar founded EMotorad (EM) in 2020 with the goal of producing futuristic e-bikes at a competitive price.
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“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,” Kunal Gupta, Co-founder & CEO of EMotorad, said.
Through exclusive brand stores and a direct-to-consumer presence, it also intends to deepen the online and offline experiences for its customers, the firm said in a statement.
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“What struck us the most about EM is the pace at which they were able to expand the business across geographies in just 2 years of existence, not only this the technology they are building on the top of their bikes is a game changer, it will change the way people cycle,” said Sandiip Bhammer, Managing Partner of Green Frontier Capital.
The company claims to have a production capacity of more than 90,000 units and has sold over 35,000 units to date. By the next year, it plans to boost its production capacity to 2 lakh units.
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Aiming to provide futuristic e-bikes for adventurers, daily commuters, or health lovers at an accessible price is EMotorad (EM), an electric vehicle manufacturer.