Well-known cricket Mahendra Singh Dhoni-backed EMotorad is all set to inaugurate its manufacturing unit in August. EMotorad, a Pune-based electrical cycle maker, acquired an undisclosed funding from MS Dhoni final month and is on monitor to complete the development of phase-1 of its manufacturing unit in Ravet, Pune.
The ability, which spans 240,000 sq. toes and is about to be opened on August 15, will be capable to produce 500,000 e-cycles, in line with Kunal Gupta, the founder and CEO who spoke to ET.He additionally talked about that the workforce will enhance to 300 workers from the present 50 by that point.
The corporate has mentioned that the e-cycle gigafactory will likely be constructed in 4 phases. The gigafactory is anticipated to develop into the most important built-in e-cycle facility in South Asia and the most important one exterior of China after finishing phases 2, 3, and 4.
Additionally Learn | ‘It’s not actual cash…’: What Zerodha’s Nikhil Kamath has to say about Bengaluru’s tech firms pushed paper wealth
The manufacturing unit will produce numerous elements reminiscent of batteries, motors, shows, and chargers internally. EMotorad is at present within the means of broadening its product line by including new electrical cycles and completely different kind elements like e-bikes for supply workers.
“India’s financial journey is within the midst of fast transition and sturdy industrialisation with extraordinary transformation in velocity and scale… This manufacturing unit marks a big step ahead for us to penetrate deeper into the European and North American markets, and we look ahead to internet hosting shoppers from world wide,” Gupta was quoted as saying.
EMotorad was established in 2020 by Gupta, Rajib Gangopadhyay, Aditya Oza, and Sumedh Battewar. The corporate claims that it holds a 65% share of your complete e-cycle market in India.
Earlier than Dhoni invested in April, the corporate had beforehand raised Rs 164 crore in November 2023 in a Sequence B funding spherical led by Panthera Progress Companions. It has raised a complete of $20 million in fairness.
Additionally Learn | S Jaishankar’s clear message on investments from China: ‘India can’t, within the identify of open economic system…’
EMotorad has a community of over 350 sellers and operates throughout 10 expertise centres in India.
In FY24, it registered gross sales of Rs 140 crore, up from Rs 115 a 12 months in the past, Gupta instructed ET. The corporate’s goal for the monetary 12 months 2025 is to attain gross sales of 270 crore rupees, with roughly 130 crore rupees from home markets and the remainder anticipated from the US and Europe.
EMotorad sells roughly 70% of its merchandise by means of bodily shops, whereas the remaining are bought on its web site and thru on-line marketplaces like Amazon and Flipkart.
The ability, which spans 240,000 sq. toes and is about to be opened on August 15, will be capable to produce 500,000 e-cycles, in line with Kunal Gupta, the founder and CEO who spoke to ET.He additionally talked about that the workforce will enhance to 300 workers from the present 50 by that point.
The corporate has mentioned that the e-cycle gigafactory will likely be constructed in 4 phases. The gigafactory is anticipated to develop into the most important built-in e-cycle facility in South Asia and the most important one exterior of China after finishing phases 2, 3, and 4.
Additionally Learn | ‘It’s not actual cash…’: What Zerodha’s Nikhil Kamath has to say about Bengaluru’s tech firms pushed paper wealth
The manufacturing unit will produce numerous elements reminiscent of batteries, motors, shows, and chargers internally. EMotorad is at present within the means of broadening its product line by including new electrical cycles and completely different kind elements like e-bikes for supply workers.
“India’s financial journey is within the midst of fast transition and sturdy industrialisation with extraordinary transformation in velocity and scale… This manufacturing unit marks a big step ahead for us to penetrate deeper into the European and North American markets, and we look ahead to internet hosting shoppers from world wide,” Gupta was quoted as saying.
EMotorad was established in 2020 by Gupta, Rajib Gangopadhyay, Aditya Oza, and Sumedh Battewar. The corporate claims that it holds a 65% share of your complete e-cycle market in India.
Earlier than Dhoni invested in April, the corporate had beforehand raised Rs 164 crore in November 2023 in a Sequence B funding spherical led by Panthera Progress Companions. It has raised a complete of $20 million in fairness.
Additionally Learn | S Jaishankar’s clear message on investments from China: ‘India can’t, within the identify of open economic system…’
EMotorad has a community of over 350 sellers and operates throughout 10 expertise centres in India.
In FY24, it registered gross sales of Rs 140 crore, up from Rs 115 a 12 months in the past, Gupta instructed ET. The corporate’s goal for the monetary 12 months 2025 is to attain gross sales of 270 crore rupees, with roughly 130 crore rupees from home markets and the remainder anticipated from the US and Europe.
EMotorad sells roughly 70% of its merchandise by means of bodily shops, whereas the remaining are bought on its web site and thru on-line marketplaces like Amazon and Flipkart.
