EMotorad, a Pune-based electric mobility startup, intends to expand its production capacity and seek more cash in order to enhance its sales growth by 300 percent in the following fiscal by exporting and selling its e-bikes globally.
Kunal Gupta, co-founder and CEO of EMotorad, which makes hybrid bicycles that operate on batteries as well as manual power, said in an e-mail that the company has collected roughly $3 million for its development goals and is in negotiations for further funding until the end of 2023.
"We intend to raise $25 million over the next 18 months to further improve our technology, create brand value through amazing marketing opportunities, and hire top personnel throughout the country as we extend our operations abroad. EMotorad has largely been a bootstrapped venture. So far, we have received $3 million in a strategic pre-seed round of fundraising and are in conversations with some of the market's largest venture capital companies to raise seed money," Gupta added.
He also stated that the company has spent Rs 20 crore in a capacity expansion of its facility on the outskirts of Pune in order to increase manufacturing capacity to 90,000 motorcycles per year across all models.
"We now intend to extend beyond the Middle East and Asia into North America," Gupta said.