EMotorad’s Gigafactory For E-Cycles Nears Completion

0

The gigafactory for the e-cycle manufacturer is under construction in four stages. This facility will produce various parts such as batteries, motors, displays, and chargers. Spanning 240,000 square feet, the factory is set for inauguration on August 15. Poised to be the largest integrated e-cycle unit in South Asia, the factory will provide employment to over 300 individuals.

Pune-based electric cycle company EMotorad, which recently received investment from cricketer Mahendra Singh Dhoni, is nearing the completion of the first phase of its factory at Ravet, Pune.

Scheduled for an August 15 inauguration, the 240,000-sq. ft. facility is expected to produce up to 500,000 e-cycles annually, according to founder and CEO Kunal Gupta. The workforce will expand from the current 50 to 350 employees.

The factory, described as an e-cycle gigafactory, will be developed in four phases. Upon completion of all phases, it will be the largest integrated e-cycle production facility in South Asia and the biggest outside China. It will produce key components such as batteries, motors, displays, and chargers. Additionally, EMotorad is expanding its product line to include new electric cycles and specialized e-bikes for delivery personnel.

Gupta highlighted the factory’s role in enhancing India’s industrial capabilities and its strategic importance for penetrating markets in Europe and North America. He anticipates welcoming global clients to the facility.

Founded in 2020 by Gupta, Rajib Gangopadhyay, Aditya Oza, and Sumedh Battewar, EMotorad claims a 65% market share in India’s e-cycle sector. Following Dhoni’s investment in April, the last significant funding was INR 164 crore in a Series B round in November 2023 led by Panthera Growth Partners, totalling USD 20 million in equity.

With over 350 dealers and 10 experience centres across India, EMotorad reported INR 140 crore in sales for FY24, up from INR 115 crore the previous year. The company targets INR 270 crore in sales for FY25, with approximately INR 130 crore expected from domestic sales and the remainder from the US and Europe. Currently, 70% of EMotorad’s sales are through offline channels, with the remaining sales conducted on its website and platforms like Amazon and Flipkart.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!