EMotorad raises Rs 24 crore

Electrical bike startup EMotorad on Tuesday stated it has raised Rs 24 crore in a funding spherical to gas its enterprise development plans and expertise acquisition, amongst others.

The pre-Collection A funding spherical was led by Inexperienced Frontier Capital (GFC), a agency that specialises in local weather funding, LetsVenture and Ivy Development associates, the corporate stated in an announcement.

The e-bike firm, which has a producing facility in Pune, claims it has offered over 35,000 items since its inception in 2020.

Final month, it introduced plans to enter the European market with 5 international locations — Spain, Italy, Germany, France and Netherlands — within the area to start with.

Amid the unprecedented demand for e-bikes rising in India, the startup goals to utilise the freshly raised capital to speed up enterprise development, rent high trade expertise and scale the enterprise, it stated in an announcement on Tuesday.

As well as, EMotorad additionally plans to construct a layer of tech on high of the prevailing e-bike that may grant customers entry to a one-of-a-kind platform for the biking group specializing in well being and group advantages, it stated.

“GFC is without doubt one of the main cleantech traders in India. Their solution-driven method and the experience they create to the desk made them an apparent match,” Kunal Gupta, Co-founder and CEO of EMotorad, stated.

The corporate stated after establishing presence in international markets, it plans to proceed increasing its operations to newer areas world wide and strengthening its presence in already established markets like Europe and Australia.

Emotorad stated it’s trying to generate cumulative income of Rs 165 crore this fiscal.

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