EV Startup EMotorad Ropes In Dhoni As Equity Investor

Pune-based EV startup EMotorad has roped in former Indian skipper Mahendra Singh Dhoni as an equity investor. He will also join the company as its brand ambassador.

Dhoni said, “The future is in our hands. We are in an era where innovation plays a huge role in shaping sustainable solutions, and I’m a fan of new-age companies that build these. EMotorad stands at the forefront of shaping the future of mobility, and I am thrilled to be a part of this journey!”

Kunal Gupta, cofounder and CEO of EMotorad, said, “It requires a great degree of level-headedness with humility to be MS Dhoni. He is nothing short of India’s national icon who embodies leadership, teamwork, adaptability, and maintaining calmness under pressure – be it on pitch or off. He’s Thala for a reason!”

“He perfectly embodies the core values of EMotorad: someone with passion, authenticity, and most importantly the love for bikes, cars, and now our e-cycles. We started EMotorad with a simple mission: to optimise the world of mobility and create fun moments for people and the planet – and who better than MS Dhoni to represent this.”

Founded in 2020 by Gangopadhyay and Gupta, along with Aditya Oza and Sumedh Battewar, EMotorad sells electric cycles for daily commuting and casual rides. It aims to offer sustainable travel alternatives through premium electric cycles and promote a healthier lifestyle.

EMotorad now joins fitness startup Tagda Raho, digital lending platform Khatabook and used car retailer Cars24, where the cricketer had invested.

In November last year, the company raised $20 Mn (INR 166.8 Cr) as a part of its Series B funding round led by Panthera Growth Partners.

The round also saw participation from Alteria Capital, xto10x Technologies and existing investor Green Frontier Capital.

EMotorad claims to have sold more than 80,000 electric cycles across the globe clocking a revenue of $36 Mn. It aims to expand to 100,000 electric cycles by FY25 globally.

EV startup EMotorad raised INR 24 Cr  in 2022 in its Pre-Series A funding round led by Green Frontier Capital (GFC), LetsVenture, and Ivy Growth associates.

It competes against the likes of CycleCircle, Gear Head Motors, Lightspeed Bikes and other electric cycle categories.

The development comes at the heel of the country’s mobility space undergoing rapid transformation, with a focus on sustainable solutions. The EV sector has emerged as the key beneficiary of this transformation.

The total two-wheeler EV registrations in the country jumped over 65% month-on-month to a record 1.36 Lakh units in March.

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