EMotorad secures $20M in Series B for global e-bike push

EMotorad, an electric bike manufacturer from India, has successfully raised $20M in its recent Series B funding round. The objectives of this funding are to challenge China's market dominance in e-bikes and expand the startup's global presence.

• Investor Line Up: The recent funding round was led by Panthera Growth Partners, based in Singapore, with contributions from Alteria Capital, xto10x Technologies and Green Frontier Capital. The total funding received by EMotorad, a three-year-old company, amounts to over $22.5M.

• Company Mission: Despite the growing global demand, nearly all e-bike supplies currently come from Chinese manufacturers. EMotorad wants to change this by setting up manufacturing in India.

• Origins: EMotorad, founded by Kunal Gupta, Rajib Gangopadhyay, Aditya Oza, and Sumedh Battewar in 2020, exports e-bikes to more than 18 countries.

• Produce Offer: The startup offers 14 different models, priced between $600-$1200 in the U.S. and €600-€1500 in Europe. EMotorad assembles batteries, motors, and other components at its Pune facility, which can produce up to 90,000 bikes annually. They are expanding to a new 150,000-square-foot facility that will have a capacity to produce 400,000 units annually.

• Future Plans: EMotorad has its products in 200 stores across India and plans to expand it to 800 stores in the next 18 months.

The company sold 40,000 units worldwide last year, with 10,000 of those being sold in India, generating nearly $36M in revenues. With this, they aim to compete against companies like Rad Power, Lectric, and Cowboy by bolstering their presence in the U.S., Europe, and Australia.