Dhoni-Backed EMotorad Plans World's Largest Electric Cycle Gigafactory

EMotorad, the electric vehicle company backed by cricket icon Mahendra Singh Dhoni, has announced plans to construct the world's largest integrated electric cycle gigafactory in Pune, Maharashtra. The expansion, which follows Ola Electric's success in establishing a gigafactory for two-wheelers, aims to create one of the world's most significant hubs for electric cycle manufacturing.

Phase one of EMotorad's gigafactory, covering 240,000 square feet, will focus on producing key components such as batteries, motors, displays, and chargers. The initial production capacity is set to exceed 500,000 e-cycles annually, meeting the growing demand for alternative modes of transportation. The factory is being developed in four phases, with phase one starting in August 2023, and aims to be the largest e-cycle gigafactory outside China once completed.

Kunal Gupta, co-founder and CEO of EMotorad, stated, "While building this business of electric bicycles, we realized the global market potential. In 2022, the e-cycle market was worth $40 billion and has been consistently growing. India has the right capacity and technology to build these capabilities." Gupta added that EMotorad has become the largest exporter of e-bikes and the top brand in India for domestic sales and distribution since its launch in 2020.

The company is incorporating Industry 4.0 standards and focusing on smart manufacturing and intelligent factories. Aditya Oza, co-founder and Chief Marketing Officer (CMO) of EMotorad, emphasized that their e-cycles integrate technology and software, offering unique features like calorie tracking, crash detection with notification alerts, and geo-fencing capabilities.

EMotorad's growth aligns with India's emerging position as a manufacturing and technology powerhouse, leveraging a young and tech-savvy workforce. The company's expansion into the gigafactory sector demonstrates its commitment to leading the electric vehicle transition, both in India and globally.

EMotorad's ambitious plans are backed by significant funding. The company secured Rs 164 crore in a Series B round in November 2023, led by Panthera Growth Partners, with participation from former Indian cricket captain Mahendra Singh Dhoni. The funding supports the gigafactory's construction, along with efforts to expand global reach and enhance research and development capabilities.

Rajib Gangopadhyay, founder and corporate strategist of EMotorad, commented on the potential of their business model, stating, "EMotorad is proof that the capital invested toward building assets in a startup can yield the scale and growth of any venture capital-backed enterprise, turning startups into generational businesses."

The company plans to expand into Europe and the United States, aiming to dominate the global market with its cost-effective X-factor range and advanced drivetrain technology. EMotorad is targeting a revenue of about Rs. 300 crore for FY25, nearly doubling its revenue from Rs 145 crore in FY24.

As EMotorad builds its gigafactory and strengthens its foothold in the e-cycle market, the company is positioning itself to become a key player in the global electric vehicle industry, reflecting India's growing influence in the green mobility sector.

BS