In The two-wheeler space, electric cycles are the segment with maximum growth potential- Kunal Gupta, EMotorad

Kunal Gupta, Co-Founder & CEO, EMotorad

Founded in 2020 EMotorad (EM) is an electric vehicles company that claims to bring futuristic e-bikes at an affordable price for adventure seekers, daily commuters, or casual riders. Preferring to term its EVs as affordable luxury, the Pune-based startup has something in store for everyone- the adventurer, the casual rider, or the daily commuter. With a presence in global markets, EMotorad has established a foothold in over 82 towns and cities.

EMotorad has several achievements in its kitty. The firm boasted of INR 70 crore in revenue last year and revenues of over INR 120 crore for the fiscal year (FY23), with a growth rate of 400%. In its pre-series A funding round held in October last year, EMotorad raised INR 24 crore. The startup also expanded its business to USA and Europe last year.

EMotorad is led by Kunal Gupta, Co-Founder & CEO, EMotorad who has been the COO of a leading start-up in the mobility industry in the past. He speaks to Saur Energy about the products from the brand and their interesting features.

Tell us about the range of your e-bikes. How does it compare to other brands with reference to price and features?

Kunal Gupta, Co-Founder & CEO, EMotorad

Kunal Gupta: Right from the get-go, we at EMotorad have endeavoured to bring about a renaissance towards a more sustainable lifestyle. Ebikes come with myriad benefits that range from sheer convenience and improved health to actually contributing to preserving the planet. To make this a viral global movement, we’ve launched a product offensive which caters to every rider category out there. That’s something our competitors have not been able to do yet. So whether you’re a commuter, an urban explorer, or a true blue adventure junkie, you’ll find exactly the right ebike for you under our roof. We’ve classified our product lineup into three broad categories – X-factor, Desire and Elite.

EMotorad engineers change with its wide range of futuristic ebikes catering to every rider segment.

Our X-Factor range is ideal for the everyday commute. With versatile, purpose-driven geometry, detachable batteries and a plethora of features packed into robust MTB frames, the range comprising the X1, X2 and X3 promises to be a whole lot of fun. X1 and X2 have detachable batteries with a capacity of 7.65Ah, delivering a range of over 40 km on a single charge. X3, on the other hand, is a sleek hybrid ebike featuring an integrated battery and offers stupendous performance over gravel and uneven surfaces with its 3mm puncture-resistant tyres. At a price point that rivals traditional manual cycles, our ebikes have taken the market by storm.

The Desire range of ebikes showcases innovative features for its class, like dual suspension, foldable frame and ergonomic geometry. With the Desire ebikes – EMX, Doodle, and T-Rex+, you can reach the summit of discovery and transform every moment into an ebike moment. The EMX from our Desire range is India’s first dual-suspension ebike. It is a testament to the relentless innovation we pride ourselves on. Our hot-selling folding ebike, Doodle, stands out for its premium features and comfortable ride, coupled with the pièce de résistance – its foldable design.

X-Factor range of E-bikes starts at INR 24,999 up to INR 32,999. The Desire range starts from INR 39,999 upto INR 58,999. The Elite range of e-bikes starts from INR 4,75,000 upto INR 5 Lac.

We’ve gone the extra mile to ensure that our Elite range of ebikes is the pinnacle of electric automotive innovation. Featuring the most premium components in the market today, they’ve got the spirit of adventure baked into them, guaranteed to make keep even the most hardcore of adrenaline junkies very happy. With capacious high-density energy batteries, a high-torque monster of a motor sourced from Bafang, purpose-built Maxxis Minion tyres and 185mm travel RockShox suspensions, the Desert Eagle and Nighthawk are designed to dominate mountain trails without breaking a sweat. They stand head and shoulders above their competition regarding power, performance and exclusivity in the domestic and international markets.

Which are the new e-bikes that you are set to introduce in the market?

Kunal Gupta: EMotorad is committed to exploring new and innovative avenues to further its vision of reimagining transportation. Our ebikes like the Nighthawk, Desert Eagle, EMX and TRex+ are a product of extensive research and development, and we’re constantly finding ways to upgrade them in terms of component and design improvements to give our users the best bang for their buck. We’ve been experimenting with ways to infuse more tech into our product lineup as well.

To this end, we are currently in the advanced stages of testing our IoT solution that will prove to be a fantastic value-addition to users, offering advanced telematics and features like geo-fencing, crash detection, etc.

We’re partnering with Toys”R”Us to explore a whole new market segment- the young-age ride-on category. With revolutionary products like Aeroglyde – our brand new hover shoes, we are exploring a brand new market segment.

The electric two-wheeler segment claims a large part of the EV industry in India. What are the factors behind this?

Kunal Gupta: Increasing awareness about pollution and climate change are driving factors that underscore the potential of the electric two-wheeler segment. Government support and subsidies have also been instrumental in promoting this segment’s growth. An increase in disposable income, reduced operating costs, and the growing acceptance of electric two-wheelers as a better alternative for mobility have resulted in the rapid growth of demand for electric two-wheelers in the market.

Within the two-wheeler space, electric cycles are the segment with maximum growth potential. This is because India’s charging infrastructure leaves much to be desired. The limited penetration of fast charging network means that larger, faster electric two-wheelers and four-wheelers simply cannot be used everywhere for fear of being stranded without charge. Every trip needs to be carefully planned out and range anxiety is a major deterrent to purchase.

On the other hand, users of electric bicycles have no reason for such hesitation. Electric bicycles have detachable batteries that can be easily plugged into any standard socket, greatly improving their appeal. What’s more, in the unlikely event that the battery is depleted, the cycle can still be used in manual mode to get to your destination.

In FY23, the low-speed segment saw the sale of 1.2 lakh units, and the market of electric bikes has yet to reach its massive potential. We plan to capitalise on this tremendous potential to reimagine the medium of commute.

How much capital did you raise in the Capital A round last year? How have you employed the funds? When is the series B round, and what are your expectations from it?

Kunal Gupta: Only recently, we raised ₹24 Cr in a Pre-Series A funding round led by Green Frontier Capital (GFC), LetsVenture, and Ivy Growth associates. We are grateful for the trust they have shown in us and our vision. The funds have since been deployed to accelerate business growth, hire the best talent in the industry, and scale the business to keep up with the growing demand for ebikes in the country.

Furthermore, we’re currently in the advanced stages of securing Series A funding, which will be used to infuse more tech into our set-up than ever before. Thanks to the tireless efforts of our team and the quality we provide our customers, we are poised to become the most preferred premium ebike manufacturer not just in India but globally.

Tell us about your export market. How is the EV customer in the US or Europe different from the Indian one?

Kunal Gupta: We have a rapidly growing presence in Europe, UAE, Japan and Australia. These markets take sustainability very seriously. Ebikes have a tiny carbon footprint compared to traditional IC and larger EV vehicles, so it’s no surprise that markets have embraced them wholeheartedly. Commuters in these markets see ebikes as their primary form of transport. The perks include that ebikes are cost-effective, eco-friendly, and exempt from hefty license and parking fees.

Thanks to the overwhelming public response, these markets have seen a rapid increase in the number of bike lanes and public transport integration for ebikes. In comparison, the Indian market is still in the nascent stages of EV adoption, and we’re still creating awareness among the masses about the benefits of switching to EVs, specifically to e-bikes.

What are your manufacturing expansion plans, and what does the number currently look like?

Kunal Gupta: Currently, we produce around 1200 units a month, but we are on track to triple our e-bicycle production capacity to 3,600 units a month and become the country’s largest manufacturer of green transport. We are also working on a plan to fully automate our entire manufacturing process, which would greatly increase efficiency and allow us to produce up to 15,000 units monthly using the same workforce.

Tell us about the IoT application in the EV world and your foray into it?

Kunal Gupta: It’s fair to say IoT is driving innovation in the EV sector, revolutionising EV performance, and paving the way for a more sustainable future. We plan to harness IoT to disrupt the ebike segment with our connected platform, ‘Amigo’. It will provide the rider access to advanced telematics, health and safety-oriented connected features like navigation, geo-fencing, calories burnt, heartbeat monitoring, and crash detection. These features are unheard of in the segment at this price point. We’re in the advanced stages of product development and should be able to roll out this state-of-the-art technology to our customers very soon.

IoT is also being harnessed by the EV sector for fleet management. It helps optimise routes, reduce downtime, and increase efficiency. Predictive maintenance and self-diagnostics make vehicle monitoring a simpler affair. It also enables autonomous driving, which is increasingly important in the EV segment.