Inkodop Technologies Pvt Ltd, which operates electric vehicle startup EMotorad, on Tuesday said it has secured pre-Series A funding of Rs 24 crore (around $2.9 million) from Green Frontier Capital (GFC), LetsVenture and Ivy Growth Associates.
The Pune-based company will use the funds to boost its business growth, hire talents and scale operations. It also aims to pair its existing e-bikes with an application to help users access health and cycle community features.
Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza and Sumedh Battewar, EMotorad sells e-bikes designed for adventure seekers, daily commuters and casual riders.
The platform leverages modern trade to sell its e-bikes in large chain stores.
It further plans to deepen the digital and offline journey for its buyers through exclusive brand outlets, as well as a direct-to-consumer presence, the company said in a statement.
So far, the company has sold over 35,000 units and claims to have a production capacity of more than 90,000 units. It aims to increase its manufacturing capacity to 2 lakh units by next year.
“We have always believed in the power of e-bikes to optimize health efficiency. We wish to design products and technology in such a way that it places itself in the user’s journey to becoming healthy…,” said Gupta.
“What struck us the most about EM is the pace at which they were able to expand the business across geographies in just 2 years of existence, not only this the technology they are building on the top of their bikes is a game changer, it will change the way people cycle…” said Sandiip Bhammer, Managing Partner of Green Frontier Capital.
In the financial year 2020-21 (FY21), the EV company recorded a revenue of Rs 4 crore. The company claims to be on track to generate a cumulative revenue of Rs 165 crore by the end of FY23.
In October last year, the company raised $3 million in its seed funding round.
