Famous cricket Mahendra Singh Dhoni-backed EMotorad is all set to inaugurate its factory in August. EMotorad, a Pune-based electric cycle maker, received an undisclosed investment from MS Dhoni last month and is on track to finish the construction of phase-1 of its factory in Ravet, Pune.
The facility, which spans 240,000 square feet and is set to be opened on August 15, will be able to produce 500,000 e-cycles, according to Kunal Gupta, the founder and CEO who spoke to ET.He also mentioned that the workforce will increase to 300 employees from the current 50 by that time.
The company has said that the e-cycle gigafactory will be constructed in four phases. The gigafactory is expected to become the largest integrated e-cycle facility in South Asia and the largest one outside of China after completing phases 2, 3, and 4.
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The factory will produce various components such as batteries, motors, displays, and chargers internally. EMotorad is currently in the process of broadening its product line by adding new electric cycles and different form factors like e-bikes for delivery staff.
“India’s economic journey is in the midst of rapid transition and robust industrialisation with extraordinary transformation in speed and scale… This factory marks a significant step forward for us to penetrate deeper into the European and North American markets, and we look forward to hosting clients from around the world,” Gupta was quoted as saying.
EMotorad was established in 2020 by Gupta, Rajib Gangopadhyay, Aditya Oza, and Sumedh Battewar. The company claims that it holds a 65% share of the entire e-cycle market in India.
Before Dhoni invested in April, the company had previously raised Rs 164 crore in November 2023 in a Series B funding round led by Panthera Growth Partners. It has raised a total of $20 million in equity.
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EMotorad has a network of over 350 dealers and operates across 10 experience centres in India.
In FY24, it registered sales of Rs 140 crore, up from Rs 115 a year ago, Gupta told ET. The company’s target for the financial year 2025 is to achieve sales of 270 crore rupees, with approximately 130 crore rupees from domestic markets and the rest anticipated from the US and Europe.
EMotorad sells approximately 70% of its products through physical stores, while the remaining are sold on its website and through online marketplaces like Amazon and Flipkart.
The facility, which spans 240,000 square feet and is set to be opened on August 15, will be able to produce 500,000 e-cycles, according to Kunal Gupta, the founder and CEO who spoke to ET.He also mentioned that the workforce will increase to 300 employees from the current 50 by that time.
The company has said that the e-cycle gigafactory will be constructed in four phases. The gigafactory is expected to become the largest integrated e-cycle facility in South Asia and the largest one outside of China after completing phases 2, 3, and 4.
Also Read | ‘It’s not real money…’: What Zerodha’s Nikhil Kamath has to say about Bengaluru’s tech companies driven paper wealth
The factory will produce various components such as batteries, motors, displays, and chargers internally. EMotorad is currently in the process of broadening its product line by adding new electric cycles and different form factors like e-bikes for delivery staff.
“India’s economic journey is in the midst of rapid transition and robust industrialisation with extraordinary transformation in speed and scale… This factory marks a significant step forward for us to penetrate deeper into the European and North American markets, and we look forward to hosting clients from around the world,” Gupta was quoted as saying.
EMotorad was established in 2020 by Gupta, Rajib Gangopadhyay, Aditya Oza, and Sumedh Battewar. The company claims that it holds a 65% share of the entire e-cycle market in India.
Before Dhoni invested in April, the company had previously raised Rs 164 crore in November 2023 in a Series B funding round led by Panthera Growth Partners. It has raised a total of $20 million in equity.
Also Read | S Jaishankar’s clear message on investments from China: ‘India can’t, in the name of open economy…’
EMotorad has a network of over 350 dealers and operates across 10 experience centres in India.
In FY24, it registered sales of Rs 140 crore, up from Rs 115 a year ago, Gupta told ET. The company’s target for the financial year 2025 is to achieve sales of 270 crore rupees, with approximately 130 crore rupees from domestic markets and the rest anticipated from the US and Europe.
EMotorad sells approximately 70% of its products through physical stores, while the remaining are sold on its website and through online marketplaces like Amazon and Flipkart.
