Pune-based electric cycle startup EMotorad on Monday said it has raised Rs 164 crore in a Series B round led by Panthera Growth Partners.
The freshly raised capital will be utilised in developing technologically enhanced smart electric cycles and expanding to multiple geographies, the company said in a statement.
The funding round also saw participation from xto10x, Alteria Capital, and existing investors Green Frontier Capital, it said.
"The infusion of funds will pave the way for the brand's expansion across international boundaries, allowing it to demonstrate the strength of Indian innovation on a global platform," EMotorad Founder and MD Rajib Gangopadhyay said.
Founded in 2020 by Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, the company said it has achieved over Rs 300 crore revenue returns in just three years, selling more than 80,000 electric cycles.
"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," said Shilpa Kulkarni, Founder and General Partner at Panthera Growth Partners.
"EMotorad has a strong innovation-led DNA working towards building a sustainable eco-friendly solutions in the mobility space. This aligns with our strategy to back fast-growing differentiated technology-led businesses driving new economy consumption," Kulkarni added.
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