EMotorad, an MS Dhoni-Backed E-Cycle Company to Open Gigafactory In Pune
EMotora plans to open its e-cycle factory in Pune in August
EMotorad intends to build the e-cycle gigafactory in four stages, with the goal of making it the largest in South Asia and surpassing other facilities outside of China.
EMotorad, a company backed by cricketer Mahendra Singh Dhoni, is set to open its new factory in Pune in August.
This Pune-based electric cycle manufacturer recently received a significant investment and is now on track to finish the first phase of factory construction in Ravet, Pune.
The factory, which spans 240,000 square feet, is scheduled to open on August 15. Kunal Gupta, the company’s founder and CEO, told ET that the facility will have the capacity to produce 500,000 e-cycles.
Kunal also announced plans to increase the factory’s workforce from 250 to 300 employees by the time of its opening. EMotorad intends to build the e-cycle Gigafactory in four phases, with the goal of making it the largest integrated e-cycle facility in South Asia and outside of China.
The company plans to manufacture a variety of components in-house, including batteries, motors, displays, and chargers. EMotorad is also diversifying its product line by introducing new electric cycles and e-bikes designed specifically for delivery personnel, according to TOI.
Kunal emphasized the company’s vision of expanding into European and North American markets, citing the factory as a critical step in that direction.
Kunal and his partners founded EMotorad in 2020, and the company now controls 65 percent of the Indian e-cycle market. Before Dhoni’s investment in April, the company raised Rs 164 crore in a Series B round led by Panthera Growth Partners. Overall, it has raised $20 million in equity funding.
EMotorad is poised for continued growth, with a network of over 350 dealers and ten experience centers across India. Gupta revealed that the company’s sales increased to Rs 140 crore in FY24, with a target of Rs 270 crore by FY25, as it expanded into both domestic and international markets.
Around 70% of EMotorad’s products are sold in physical stores, with the remainder distributed via its website and online marketplaces such as Amazon and Flipkart.
