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EMotorad , an Indian startup manufacturing electric bicycle , raised $ 20 million in a Series B round of drinks as it aims to disrupt China ’s grocery store domination and expand its bearing in orbicular markets .
The three - class - honest-to-god startup has raised more than $ 22.5 million in total financing , with Singapore ’s Panthera Growth Partners leave the late round of golf , along with involution from Alteria Capital , xto10x Technologies and Green Frontier Capital — the inauguration ’s existing investor . Additionally , the fresh financing round of drinks includes a debt of $ 2.5 million .
The demand for e - bikes is growing in markets beyond China and India as people essay to reduce their reliance on fossil fuel , ease dealings congestion on the route and find alternate transportation options that do not require rigorous forcible body process throughout their daily commute . In 2021 , the World Bankpredicted(PDF ) that as many as 300 million e - bikes will circulate in urban center across the world by 2023 . However , despite growing demand worldwide , e - bike supplies rely heavily on Formosan manufacturers . EMotoradis striving to override this drift by establishing its manufacturing operations in India .
“ Almost 99 % of the cosmos pimp vitamin E - bikes from China , and that is what we want to change . It ’s a $ 40 billion industriousness internationally . And we are endeavor to make a dent in that , ” Kunal Gupta , co - beginner and chief operating officer at EMotorad , said in an interview .
Gupta co - founded the startup with Rajib Gangopadhyay , Aditya Oza and Sumedh Battewar in 2020 after spending some metre in the mobility industry and spend early days in the two - wheeler bike letting space . The Pune - based startup bug out its journeying in the Amerindic market and expanded its bearing to global market place in 2021 . The inauguration exports its e - bikes to more than 18 land through white labeling and sell its own - branded modeling . EMotorad has a brand presence in five markets , including the U.S. , Europe , Australia , Japan and some mediate Eastern markets .
EMotorad shortly has a portfolio of 14 atomic number 99 - bicycle models , with seven to eight available in India and the rest for world market . The batting order is priced between $ 600 to $ 1,200 in the U.S. and € 600 to € 1,500 in Europe .
Gupta told TechCrunch that the quality , technology and after - sale service are some of the USPs of EMotorad bikes .
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“ You ca n’t always compete on your pricing . But we have a pregnant uptick in the quality of the product , ” the co - founder pronounce . “ The batteries and the motors could not have been made bright with a software system stratum of engineering because , of row , it was in an outsourced capacity . ”
The inauguration has a 50 - member tech gist in Bengaluru that helps develop the proprietary technology , he lend .
EMotorad promise to resolve any issues within 48 hours of receiving drug user ill . The bike boast a video display that shows an error codification to designate any problem with the motor or barrage fire components . This helps exploiter chop-chop identify and report payoff to the producer for quick resolution .
The startup assembles batteries , motors and other components at its installation in Pune , which can produce up to 90,000 bicycle annually . The company is building a newfangled 150,000 - straight - foot facility — estimated to be quick in the next three month — with an “ in - home fresh drive train ” to break all major components , from batteries and motors to showing and chargers natively . It will have a capacity of producing 400,000 units per annum , Gupta say .
In plus to its own facility , the startup works with multiple partners across India to fulfill local requirement . Even though the country , the world ’s large two - wheeler market , does not have a meaning e - bike commuter base at the moment , EMotorad think it is picking up .
“ India ’s mobility on electric wheel has been scaling immensely . There ’s a very positive uptick there , ” Gupta enounce .
EMotorad has its mien in 200 stores across the country and is targeting to expand it to 800 store in the next 18 months .
Last year , the startup sold 40,000 units worldwide , of which 10,000 were sold in India alone . Overall , its sales to date are 80,000 building block , sire nearly $ 36 million in revenues .
“ This year , we ’ve seen a significant uptick of almost 400 % from last year in our domesticated business , ” Gupta say .
The startup said it generated nearly $ 2 million in revenues from India last yr and aims to grow to about $ 7.8 million this twelvemonth .
Globally , EMotorad reckon to compete against the likes of Rad Power , Lectric and Cowboy by bolstering its presence in the U.S. , Europe and Australia . It take aim to lucubrate its global sales to 100,000 by the fiscal year 2025 .
“ We strongly think the market is extremely large enough for multiple instrumentalist to gibe in … Fortunately , in our favor , what is happen is all the Taiwanese brands that exist until last class are going out of business sector because of all the effectual implications coming on these companies from international businesses primarily from Europe and the U.S. , ” Gupta noted .
The startup , which has a total head count of 160 people globally , has a distribution - led business in the U.S. , selling its products through distributors . likewise , Australia , Japan and the U.A.E. are the franchisee markets for EMotorad . However , it has its own bearing in Europe , including warehousing and a small assembly facility located in Spain . It appear to expand its consumer job in Europe by employ the fresh fundraising .
“ At EMotorad , we have punt a team with a vision trying to build a rife micro - mobility ship’s company out of India for the planetary market , ” suppose Shilpa Kulkarni , father and general partner at Panthera Growth Partners , in a disposed statement .
