India's E-Motorrad Rides High with $20 Million Investment for Global E-Bike Expansion

Table of Contents

Indian Startup Raises $20 Million in Series B Funding to Expand Global Presence

EMotorad, an Indian startup that manufactures electric bikes, has secured $20 million in a Series B funding round as it looks to disrupt China’s market domination and expand its presence in global markets. The three-year-old startup has raised over $22.5 million in total funding, with Singapore’s Panthera Growth Partners leading the latest round. Additionally, Alteria Capital, xto10x Technologies, and Green Frontier Capital participated in the funding round.

A Growing Demand for E-Bikes

The demand for e-bikes is on the rise globally, driven by people seeking to reduce their reliance on fossil fuels, ease traffic congestion, and find alternative transportation options that don’t require rigorous physical activity. According to a World Bank prediction, as many as 300 million e-bikes will circulate in cities across the globe by 2023.

EMotorad’s Mission

EMotorad is aiming to change the game by disrupting China’s market domination in electric bikes. The startup wants to expand its presence in the US, Europe, and Australia, competing against established players like Rad Power, Lectric, and Cowboy. EMotorad’s mission is to become a dominant micro-mobility company out of India for global markets.

Funding and Plans

The $20 million Series B funding will be used to bolster EMotorad’s presence in the US, Europe, and Australia. The startup plans to expand its global sales to 100,000 by the financial year 2025. With a total headcount of 160 people globally, EMotorad has a distribution-led business in the US, selling products through distributors. In other markets like Australia, Japan, and the U.A.E., the company operates on a franchisee model.

A Competitive Market

The electric bike market is becoming increasingly competitive, with multiple players vying for market share. However, EMotorad believes that there’s room for multiple players to coexist in this large market. The startup also expects Chinese brands to exit the market due to legal implications from international businesses.

Quotes and Perspectives

Shilpa Kulkarni, Founder and General Partner at Panthera Growth Partners

At EMotorad, we have backed a team with a vision trying to build a dominant micro-mobility company out of India for the global markets.

Conclusion

EMotorad’s $20 million Series B funding is a significant step towards its mission to become a leading player in the global electric bike market. With a growing demand for e-bikes and a competitive landscape, EMotorad is well-positioned to disrupt China’s market domination and expand its presence globally.

About the Author

Jagmeet Singh covers startups, tech policy-related updates, and all other major tech-centric developments from India for TechCrunch. He previously worked as a principal correspondent at NDTV. You can reach out to him at mail[at]journalistjagmeet[dot]com.