Famous cricket Mahendra Singh Dhoni-backed EMotorad is all set to inaugurate its manufacturing unit in August. EMotorad, a Pune-based electric cycle maker, acquired an undisclosed funding from MS Dhoni final month and is on observe to end the development of phase-1 of its manufacturing unit in Ravet, Pune.
The facility, which spans 240,000 sq. toes and is set to be opened on August 15, will probably be ready to produce 500,000 e-cycles, in accordance to Kunal Gupta, the founder and CEO who spoke to ET.He additionally talked about that the workforce will improve to 300 staff from the present 50 by that point.
The firm has mentioned that the e-cycle gigafactory will probably be constructed in 4 phases. The gigafactory is anticipated to turn into the biggest built-in e-cycle facility in South Asia and the biggest one exterior of China after finishing phases 2, 3, and 4.
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The manufacturing unit will produce varied parts akin to batteries, motors, shows, and chargers internally. EMotorad is at present within the means of broadening its product line by including new electric cycles and totally different type elements like e-bikes for supply employees.
“India’s economic journey is in the midst of rapid transition and robust industrialisation with extraordinary transformation in speed and scale… This factory marks a significant step forward for us to penetrate deeper into the European and North American markets, and we look forward to hosting clients from around the world,” Gupta was quoted as saying.
EMotorad was established in 2020 by Gupta, Rajib Gangopadhyay, Aditya Oza, and Sumedh Battewar. The firm claims that it holds a 65% share of the complete e-cycle market in India.
Before Dhoni invested in April, the corporate had beforehand raised Rs 164 crore in November 2023 in a Series B funding spherical led by Panthera Growth Partners. It has raised a complete of $20 million in fairness.
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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 advised ET. The firm’s goal for the monetary 12 months 2025 is to obtain gross sales of 270 crore rupees, with roughly 130 crore rupees from home markets and the remaining anticipated from the US and Europe.
EMotorad sells roughly 70% of its merchandise by means of bodily shops, whereas the remaining are offered on its web site and thru on-line marketplaces like Amazon and Flipkart.
The facility, which spans 240,000 sq. toes and is set to be opened on August 15, will probably be ready to produce 500,000 e-cycles, in accordance to Kunal Gupta, the founder and CEO who spoke to ET.He additionally talked about that the workforce will improve to 300 staff from the present 50 by that point.
The firm has mentioned that the e-cycle gigafactory will probably be constructed in 4 phases. The gigafactory is anticipated to turn into the biggest built-in e-cycle facility in South Asia and the biggest one exterior of China after finishing phases 2, 3, and 4.
Also Read | ‘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 varied parts akin to batteries, motors, shows, and chargers internally. EMotorad is at present within the means of broadening its product line by including new electric cycles and totally different type elements like e-bikes for supply employees.
“India’s economic journey is in the midst of rapid transition and robust industrialisation with extraordinary transformation in speed and scale… This factory marks a significant step forward for us to penetrate deeper into the European and North American markets, and we look forward to hosting clients from around the world,” Gupta was quoted as saying.
EMotorad was established in 2020 by Gupta, Rajib Gangopadhyay, Aditya Oza, and Sumedh Battewar. The firm claims that it holds a 65% share of the complete e-cycle market in India.
Before Dhoni invested in April, the corporate had beforehand raised Rs 164 crore in November 2023 in a Series B funding spherical led by Panthera Growth Partners. It has raised a complete of $20 million in fairness.
Also Read | S Jaishankar’s clear message on investments from China: ‘India can’t, within the identify of open financial 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 advised ET. The firm’s goal for the monetary 12 months 2025 is to obtain gross sales of 270 crore rupees, with roughly 130 crore rupees from home markets and the remaining anticipated from the US and Europe.
EMotorad sells roughly 70% of its merchandise by means of bodily shops, whereas the remaining are offered on its web site and thru on-line marketplaces like Amazon and Flipkart.
