EMotorad, the Pune-based electric cycle startup, has raised $20 million in a Series B round led by Panthera Growth Partners, along with participation from xto10x Technologies, Alteria Capital, and existing investors Green Frontier Capital.
The company aims to deploy fresh funding to develop technologically enhanced smart electric cycles, boost manufacturing capabilities, and deepen offline presence across key regions in domestic and global markets.
The company has more than $36 million in revenue returns in three years, selling more than 80,000 electric cycles.
The new funds will serve as a catalyst for EMotorad's ambitious plans to strengthen its 'Make in India' initiative.
“The EV market is at a nascent stage and EMotorad’s innovation is fresh and new and can be a great example for Indian startups going forward. With its ‘Make in India’ vision leveraging strong R&D capabilities is all set to capitalise on the China +1 strategy, to become a dominant player” remarked Santosh Shet, Panthera Growth Partners.