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Pune-based electric cycle company EMotorad has raised $20 million in a Series B round led by Panthera Growth Partners, with participation from xto10x, Alteria Capital, and Green Frontier Capital.

The startup plans to use the funding to develop smart electric cycles, enhance manufacturing capabilities, and expand its offline presence in domestic and global markets.

Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, EMotorad strives to bring eco-friendly, futuristic e-bikes at an affordable price for adventure seekers, daily commuters, and casual riders.

“It was a necessity that the world didn’t even know it needed. We started the production and distribution from a single room, but we always knew it would get bigger and better, because, more than business, it was about healthier and better being,” said Sumedh Battewar, CBO and Co-founder, EMotorad.

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In three years, the company says, it has achieved over $36 million in revenue returns and sold over 80,000 electric cycles.

In October 2022, EMotorad raised Rs 24 crore in a pre-Series A round led by Green Frontier Capital, LetsVenture, and Ivy Growth Associates.

The EV startup aims to bring across premium quality electric bicycles at an affordable price, utilising its local sourcing and manufacturing capabilities in India.