Press "Enter" to skip to content

EMotorad raises ₹24 crore in Pre Series A Funding – BusinessLine

ADVERTISEMENT
Get businessline apps on
Connect with us
TO ENJOY ADDITIONAL BENEFITS
Connect With Us
Get BusinessLine apps on
By BL Pune Bureau
EMotorad, one of the fastest growing electric vehicle companies in India, has recently raised ₹24 crore in pre-series A led by Green Frontier Capital (GFC) – India’s first investment firm that specialises in climate investment, LetsVenture and Ivy Growth Associates. 
The company aims to utilise the acquired funds to accelerate business growth, hire top industry talent and scale the business. Founded by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza and Sumedh Battewar, the company also plans to integrate advanced technology to transform the way consumers look at cycling. 
Revolutionary app, too
In addition, EMotorad also plans to build a layer of tech on top of the existing e-bike that will grant users access to a one-of-a-kind platform for the cycling community focusing on health and community benefits. This application is set to revolutionise the way people look at e-bikes as it serves as more than an activity tracker, with insights to optimise health and experiences.
Speaking on the investment round, Kunal Gupta, Co-founder and CEO of EMotorad, said, “We have always believed in the power of e-bikes to optimise 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”
Game changer
Sandiip Bhammer, who is based in New York, and is the Managing Partner of Green Frontier Capital, said of his firm’s investment in EMotorad, “At GFC, we are really excited about our investment in EMotorad. EM is building an EV company with a large global potential. 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”.
As a bootstrapped company, EMotorad has established impressive production capabilities and created a strong market presence throughout India and the world. The team has extensive and specialised experience in this sector that will drive innovation in the category alongside the scaling of operations to multiple new markets in the future. 
BACK TO TOParrow

source