With the expansion of the Indian bicycle market, an increasing number of businesses and investment institutions are turning their attention to this promising market, including companies from China. While China remains the global leader in both the quantity and market share of bicycle exports, the growing production of local bicycle companies in Southeast Asian countries is gradually challenging China’s dominance in the global market.
EMotorad, an Indian startup specializing in the production of electric bicycles, recently raised $20 million in a Series B funding round. The investment was led by Singapore’s Panthera Growth Partners, with participation from Alteria Capital, xto10x Technologies, and existing investor Green Frontier Capital. The company aims to compete with Chinese exports globally and break China’s dominant position in the market.
Business growth exceeds 400%
Headquartered in Pune, EMotorad was founded by Gupta, who previously ventured into the two-wheeler motorcycle rental sector. In 2020, Gupta, along with Rajib Gangopadhyay, Aditya Oza, and Sumedh Battewar, co-founded this startup. EMotorad primarily sells its own branded models, with products currently exported to over 18 countries, including the United States, Europe, Australia, Japan, and some Middle Eastern markets.
EMotorad reports a significant domestic business growth of nearly 400% compared to the previous year. Last year, the startup sold 40,000 bicycles globally, including 10,000 in India. EMotorad currently operates 200 stores nationwide and plans to expand to 800 stores within the next 18 months. The company has achieved sales of 80,000 bicycles to date, generating revenue of nearly $36 million. They aim to increase revenue from $2 million last year to $7.8 million this year.
Focus on product quality
EMotorad currently offers a product portfolio consisting of 14 models of electric bicycles, covering urban, mountain, and off-road models. Seven to eight models are sold in India, while the rest are exported globally. The price range for this product series is $600 to $1200 in the United States and €600 to €1500 in Europe.
Gupta emphasizes that they do not use price as a competitive advantage but instead focus on improving product quality, technology, and after-sales service.
Global expansion
EMotorad assembles batteries, motors, and other components in Pune, with an annual production capacity of up to 90,000 bicycles. The company is currently constructing a new factory, expected to be completed in the next three months, equipped with an “internal intelligent transmission system” for local development of all major components, from batteries and motors to displays and chargers. Gupta states that the annual production capacity will reach 400,000 bicycles.
Globally, EMotorad aims to compete with companies like Rad Power, Lectric, and Cowboy by strengthening its operations in the United States, Europe, and Australia. Their goal is to expand global sales to 100,000 bicycles by 2025.
Additionally, Australia, Japan, and the United Arab Emirates are designated franchise markets for EMotorad. The company has its own business center in Europe, including warehouses and small assembly plants in Spain. The latest round of financing will be utilized to expand business operations in Europe.
X Series
- Frame: High-strength steel alloy frame
- Battery: 7.0Ah integrated battery
- Motor: EMotorad 36V 250W rear hub motor
EMX Series
- Frame: Aluminum alloy 6061 mountain bike frame
- Suspension: Front fork suspension, 100mm travel, rear fork suspension 20mm travel
- Motor: EMotorad 250W rear hub motor
T-Rex+
- Frame: Aluminum alloy 6061 mountain bike frame
- Suspension: Front fork suspension, 100mm travel
- Motor: EMotorad 250W rear hub motor
Doodle v2
- Frame: Aluminum alloy 6061 folding frame
- Suspension: Front fork suspension, 60mm travel with locking feature
- Motor: EMotorad 250W rear hub motor
