EMotorad, a manufacturer of electric bicycles, secured funding of Rs 164 crore in a recent investment cycle spearheaded by Panthera Growth Partners, a venture capital firm focused on growth-stage companies. This funding round witnessed contributions from xto10x, a startup scaling firm, as well as Alteria Capital, a venture debt fund, alongside continued support from existing investor Green Frontier Capital. Of the total amount, approximately Rs 144 crore was generated through an equity round, with an additional Rs 20 crore acquired in debt funding from Alteria Capital.

EMotora Intends to utilize the funding for research and development endeavors, as well as for broadening its reach. Shilpa Kulkarni, the general partner at Panthera Growth Partners, expressed alignment with the company's vision to establish a leading micro-mobility enterprise in India, targeting global markets. This supports their strategy of endorsing rapidly growing technology-driven ventures that cater to evolving consumption patterns.

Kunal Gupta, the CEO of EMotorad, disclosed plans to construct a 150,000-square-foot manufacturing facility using the funds. This facility will focus on the in-house development and production of battery systems, motors, displays, and chargers. Additionally, the funding will aid in the creation of commuter-centric vehicles, a shift from their current portfolio that primarily focuses on leisure and health-oriented products. EMotorad, presently offering 14 products, with about half distributed in India and the remaining in the US and Europe, aims to boost its Indian presence significantly while expanding into markets like Spain, Italy, France, and Germany. Gupta noted that around half of the company's total sales are from India.

The pricing strategy differs significantly between India and Europe, where EMotorad's products are priced at Rs 25,000-60,000 in India compared to 600-1,500 euros (equivalent to Rs 54,700 to Rs 1.36 lakhs) in Europe. The company aims to expand its retail network in India to approximately 800 stores and aims to enhance its market presence in various European countries. Reporting a revenue of Rs 130 crore in the 2022-23 fiscal year, EMotorad anticipates achieving EBITDA-level profitability within the next 24 months, according to Gupta, although specific details were not provided.