Domestic premium e-bike maker, EMotorad (EM), has raised USD 3-million (around Rs 22.5 crore) in a strategic seed round funding from two investors for scaling up its current facilities and expanding its presence across the domestic and overseas markets, a release said on Monday.
Basant Lohia, Managing Director at TaraSafe International Pvt Ltd, along with a Hong Kong-based investor participated in the latest funding round, notching a USD 12-million valuation in the seed round, EMotorad said.
“We are arranging this round of funds to ensure that we will strategically meet our goals and needs with regards to our future plans and prepare ourselves to develop the products that can take the Indian markets by storm,” said Rajib Gangopadhyay, founder of EMotorad.
“We are in talks with multiple investors to raise further rounds of fundings and expand to various other demographics. With this push, we’ll be able to expand the current team and invest more in the growth and marketing initiatives and accelerate the adoption of EV in the country,” said Kunal Gupta, Co-founder-CEO, EMotorad.
The platform said it has been able to set up over 150 dealerships across the country with a presence across 48 major cities within one year of its inception.
At the same time, EM has achieved a global presence by launching its products in the UAE and Nepal as its first international projects. The team has aggressively scaled itself and is already at a strength of up to 100 employees and growing fast, the company said.