EMotorad, a company backed by cricketer Mahendra Singh Dhoni, is gearing up to unveil its new factory in August.
This Pune-based electric cycle manufacturer recently secured a significant investment and is now on track to complete the first phase of its factory construction in Ravet, Pune.
The factory, spanning 240,000 square feet, is scheduled to open its doors on August 15. Kunal Gupta, the company’s founder and CEO, revealed to ET that the facility will have the capacity to churn out 500,000 e-cycles.
Gupta also announced plans to expand the workforce from 250 to 300 employees by the time of the factory’s inauguration. EMotorad plans to build the e-cycle gigafactory in four phases, with aspirations for it to become the largest integrated e-cycle facility in South Asia and outside of China.
The company aims to manufacture various components in-house, including batteries, motors, displays, and chargers. Additionally, EMotorad is diversifying its product line by introducing new electric cycles and e-bikes tailored for delivery personnel, as reported by TOI.
Gupta emphasized the company’s vision to tap into European and North American markets, highlighting the factory as a crucial step in that direction.
EMotorad, founded in 2020 by Gupta and his partners, claims a dominant 65 percent share in India’s e-cycle market. Before Dhoni’s investment in April, the company had secured Rs 164 crore in a Series B funding round led by Panthera Growth Partners. Overall, it has amassed $20 million in equity funding.
With a network of over 350 dealers and 10 experience centers across India, EMotorad is poised for further growth. Gupta revealed that in FY24, the company’s sales soared to Rs 140 crore, with a target of Rs 270 crore by FY25, tapping into both domestic and international markets.
Approximately 70 percent of EMotorad’s products are sold through physical stores, while the remainder is distributed through its website and online marketplaces like Amazon and Flipkart.
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