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EV startup EMotorad raises Series B funding from Panthera Growth Partners, others

By K Amoghavarsha

  • 28 Nov 2023
EV startup EMotorad raises Series B funding from Panthera Growth Partners, others
(Clockwise from left) EMotorad co-founders Kunal Gupta, Sumedh Battewar, Rajib Gangopadhyay, Aditya Oza

Inkodop Technologies Pvt Ltd, which operates electric vehicle startup EMotorad, said Monday it has raised around $20 million (Rs 164 crore) in a Series B funding round.  

The round comprised $17.5 million in equity investment and $2.5 million of debt infusion. It was led by Singapore-based Panthera Growth Partners. Flipkart co-founder Binny Bansal’s startup scale-up platform xto10x, venture debt firm Alteria Capital, and existing investor Green Frontier Capital also joined the round.  

The new round takes the total amount the company has raised thus far to Rs 188 crore. Last year startup raised Rs 24 crore in a pre-Series A funding round from Green Frontier Capital, LetsVenture and Ivy Growth Associates. 

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The Pune-based company aims to use the fresh funding for product development and expansion across geographies.   

Additionally, as part of its growth strategy, the startup plans to undertake inorganic expansion and is specifically eyeing investments in component manufacturing companies.  

EMotorad was founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza and Sumedh Battewar. It designs and produces electric cycles. It clocked Rs 130 crore in revenue in FY23 and claims to have sold 80,000 cycles to date. 

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“The infusion of funds will pave the way for the brand's expansion across international boundaries,” said Gangopadhyay, co-founder and managing director, EMotorad. 

Shilpa Kulkarni, founder and general partner, Panthera Growth Partners, said the investment in EMotorad aligns with its strategy to back fast-growing technology-led businesses driving new economy consumption. 

Singapore-based Panthera also announced the first close of its second fund after securing more than half of its targeted $250 million corpus in 2022. The firm aims to deploy up to $20 million on average in 10-12 companies across India and Southeast Asia.   

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Founded in 2021, the firm’s maiden fund raised $84 million. It counts BigBasket, Pepperfry and Ofbusiness, among others, as part of its portfolio. 

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