EMotorad Plans To Raise $3 Million For Expansion

EMotorad plans to expand its business and raise more capital for increasing the sales of the company by 300% in the next fiscal. The company also plans to market its electric bikes across the world. EMotorad plans to raise $3 million for the process of expansion and will raise more by the end of 2023.

Kunal Gupta, the co-founder, and CEO of EMotorad said, “We plan on raising $25 million over the next 18 months for developing our technology further and creating brand value through exceptional marketing prospects and hiring top talent across the country as we scale our operations internationally. EMotorad has been a bootstrapped venture mostly. So far, we have raised $3 million in a strategic pre-seed round funding and are now in talks with some of the biggest venture capital firms in the market to raise seed funding.”

“We now plan on expanding beyond the Middle East and Asia towards North America,” Gupta added.

The company has already invested Rs. 20 crore to expand its plant of Pune and raised the production capacity to 90,000 electric bikes every year. EMotorad is a Pune-based electric bike start-up.

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