The strategic funding will give Dhoni fairness possession in EMotorad alongside his new position as the corporate’s model endorser, founder and chief government Kunal Gupta informed ET on Monday.
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Pune-based EMotorad joins a rising record of startups which have obtained investments from the previous Indian skipper over time. These embrace Bengaluru-based health startup Tagda Raho, digital lending platform Khatabook and Gurugram-based used automotive retailer Cars24.
“The longer term is in our arms. We’re in an period the place innovation performs an enormous position in shaping sustainable options, and I’m a fan of new-age corporations that construct these,” Dhoni stated in a press release.
Based in 2020 by Gupta, Rajib Gangopadhyay, Aditya Oza and Sumedh Battewar, EMotorad stated it has captured 65% of the general e-cycle market in India.
The corporate had final secured Rs 164 crore in November 2023 in a Collection B spherical of funding led by Panthera Progress Companions. It has raised a complete of $20 million to date in fairness, Gupta stated.
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Gupta informed ET that Dhoni’s addition to the model will lend extra consciousness and belief to the e-biking class. “There isn’t any one higher and extra dependable than Dhoni who resonates what our model stands for, an avid biker himself… now we have a transparent enlargement technique too throughout tier-II, III, IV, of the nation,” he added.EMotorad operates a community of over 350 sellers throughout India and over 10 expertise centres. Within the monetary 12 months ended March 2024, it registered gross sales of Rs 140 crore, up from Rs 115 crore a 12 months in the past, Gupta informed ET.
The corporate now goals to shut FY25 at Rs 270 crore of gross sales. Of this, about Rs 130 crore will probably be home and the remaining is predicted to be generated from markets such because the US and Europe, the place it’s already promoting its cycles.
Whereas 70% of EMotorad’s merchandise promote offline, the remainder is offered on-line on its web site and through marketplaces resembling Amazon and Flipkart.
In 2023, EMotorad unveiled a funds e-cycle retailing at about Rs 25,000, away from its initially premium vary of cycles that had a beginning worth of Rs 50,000. The corporate is now engaged on organising a brand new manufacturing facility in Pune, creating new kind elements throughout the e-cycle class, and likewise increasing past tier I and II, Gupta stated.
