EMotorad (EV startup) – Electric vehicles (EVs) are the transportation mode of the future. Due to the fact that the Indian EV cycle market has not yet reached its full potential, many of the country’s upcoming EV startups have been developing smart mobility solutions. EMotorad, a Pune-based e-cycle startup, is one of the most recent entrants in the sector (EM).
Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar founded the EV startup in 2020 with the goal of bringing premium quality electric cycles to consumers at an affordable price point through the use of their local sourcing and manufacturing capabilities.
The startup, which has clients in 58 countries, currently offers three models and aims to provide commuters with an environmentally friendly and cost-effective mode of transportation.
“We currently have over 2,000 e-bikes on Indian roads,” says Sumedh.
The team and workings
Rajib and Kunal previously collaborated and established operations for a rental mobility startup. While in college, Kunal and Aditya collaborated on resolving commute issues for college students who could not afford cab services at the time due to their high cost.
Sumedh was a sales and Internet of Things (IoT) expert who initially worked as a vendor for Kunal and Rajib’s startup.
Around 2016-2017, the four co-founders convened and brainstormed ideas, concluding that electric mobility is the way of the future, and that EMX would be the flagship product launched in August 2020.
According to Rajib, the core idea behind developing these e-cycles is that the availability of similar specifications and features are still a luxury for a common man.
Rajib is a firm believer that the local setup, in which industry giants such as Tata are entering the field of battery, motor, and high-end EV technology, will result in job creation, industry innovation, and lower prices for OEMs such as EMotorad.
EMotorad has launched the EMX, India’s first dual-suspension e-bike. It has a top speed of 28 kilometres per hour and a range of 45 kilometres on a single charge.
T-Rex, the company’s second flagship product, was launched in January and was designed with rough Indian terrain in mind. Doodle, the startup’s third product, is a fat-tyre foldable e-bike, and this environmentally conscious enterprise plans to expand internationally in June.
At the moment, the EMX, T-Rex, and Doodle are available for Rs 54,990, Rs 38,990, and Rs 75,990, respectively.
“The cost difference is mainly on the basis of display, battery capacity, frame, derailleurs, handlebar, stem, etc. Similar e-bikes from other brands range anywhere between Rs 80,000 and Rs 1 lakh,” says Rajib.
The startup is expanding its presence in the UAE (Dubai, Abu Dhabi, Sharjah, and Oman) this September with the launch of two new products – Trible, a tri-fold electric bike; and Ener-G, a delivery-only mini scooter.
Additionally, EMotorad is developing a tracking and security application that will relay data to the customer’s smartphone. The app will display the odometer reading, trip metre, battery voltage, battery status, and calories burned.
Funding and revenue
The bootstrapped startup is in the process of raising its initial funding.
“Our revenue in the Indian B2C market will be exceeding $1 million in less than six months. In the international B2B market, we are targeting $25 million revenue by the end of the last quarter this year, having $6 million purchase orders already in place,” says Kunal.
According to Aditya, EMotorad received its first customer set in August of last year. “We were terrified of the COVID scenario, and the sale of our first batch of bikes was a delightful surprise, as we ended up selling over 1,200 bikes in the first 40 days of launch.”
“We have invested a total of Rs 20 crore in the business to date. Aditya continues, “The business as a whole is profitable.”
The market and competition
According to ResearchAndMarkets.com, the electric bike market in India is expected to reach Rs 17.43 billion by FY 2024, up from Rs 2.92 billion in FY 2019.
Electric bikes have already set a prominent footprint in the states of Uttar Pradesh, West Bengal, Gujarat, Tamil Nadu, and Maharashtra, the report said.
With continued development of charging infrastructure and government support, electric bike adoption is likely to increase in other parts of the country as well.
The Indian e-bike market is moderately fragmented, with a number of startups and established players including Hero Cycles, Trek Bikes, GoZero, Giant Bicycles Co Ltd, Zadd Bikes, and Eadicct Mobility Solutions.
“We are all set to launch in the UAE on July 1 this year,” Rajib says. We are also preparing to investigate B2C opportunities across the African subcontinent and South East Asia, with a primary focus on Vietnam, Indonesia, and Thailand.”
“In the B2B space, we are supplying white-labelled products to Europe, the Middle East, and American markets. We are also looking to tie up with delivery giants to bring the cost of delivery for delivery boys down to Rs 1/ 10 km of travel,” he says.
The startup is doing business across B2C segments in India and is planning to launch in eight more countries by Q4 2021. At present, it has B2B customers in India and abroad.
“We are trying to solve the problem of non-reliability in the electrical commute due to the low quality of products available in the market. We are trying to help India make a shift to EV. In the process, we aim to make a name for India as a prominent contributor across the world in the EV sector,” says Kunal.