Pune-based electric cycle maker EMotorad, in which cricketer Mahendra Singh Dhoni invested an undisclosed sum last month, is set to complete the phase-1 build of its factory at Ravet, Pune.
The 2,40,000-sq. ft. facility, scheduled to be inaugurated on August 15, will have the capacity to make 500,000 million e-cycles, founder and CEO Kunal Gupta told ET. It will also employ 300 more people, from the current 50, by then, he added.
The so-called e-cycle gigafactory will be built in four phases, the company said. It will become South Asia’s biggest integrated e-cycle gigafactory and the largest outside of China post phases 2, 3, and 4, it added.
The factory will manufacture components including batteries, motors, displays, and chargers in-house. EMotorad is currently also working on expanding its product range, introducing new electric cycles and new form factors such as e-bikes for delivery staffers.
“India’s economic journey is in the midst of rapid transition and robust industrialisation with extraordinary transformation in speed and scale… This factory marks a significant step forward for us to penetrate deeper into the European and North American markets, and we look forward to hosting clients from around the world,” Gupta added.
EMotorad, founded in 2020 by Gupta, Rajib Gangopadhyay, Aditya Oza and Sumedh Battewar, claims to have a 65% share of the overall e-cycle market in India.
Prior to Dhoni’s investment in April, the company last secured INR 164 crore in November 2023 in a Series B round of funding led by Panthera Growth Partners. It has raised USD 20 million in equity so far.
EMotorad has a network of more than 350 dealers over 10 experience centres across India.
In FY24, it registered sales of INR 140 crore, up from INR 115 a year ago, Gupta told ET. The company now aims to close FY25 at INR 270 crore in sales, of which about INR 130 crore will be domestic, while the remaining is expected to come from the US and Europe.
EMotorad sells about 70% of its products offline and the rest on its website and via marketplaces such as Amazon and Flipkart.
