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May 7, 2024

EMotorad, with Dhoni’s Backing, to Build World’s Largest Electric Cycle Gigafactory: A Game-Changer in India’s EV Landscape

EMotorad, the electric vehicle company supported by cricketing legend Mahendra Singh Dhoni, is embarking on a monumental venture – constructing the world’s largest integrated electric cycle gigafactory. This move follows in the footsteps of Ola Electric as EMotorad expands its current manufacturing unit in Pune. Once completed, India will boast two of the world’s largest gigafactories: one for Ola Electric two-wheelers and the other for EMotorad e-cycles.

Spanning 240,000 square feet in its initial phase, EMotorad’s gigafactory will produce all giga components essential for electric vehicle (EV) production, including batteries, motors, displays, and chargers. With an initial capacity exceeding 500,000 e-cycles annually, the gigafactory aims to address the growing demand for alternative transportation solutions.

The construction of the e-cycle gigafactory is divided into four phases, with phase one set to be South Asia’s largest integrated e-cycle gigafactory upon completion. Starting in August, phase one focuses on giga component production, while subsequent phases will expand in-house manufacturing capabilities.

Kunal Gupta, EMotorad’s co-founder and CEO, emphasized the global potential of electric bicycles: “In 2022, the market was worth $40 billion and has been constantly growing. The whole world depended on China for sourcing. We believe India has the right capacity and technology to build these capabilities.”

Aditya Oza, co-founder and CMO of EMotorad, highlighted the company’s innovation, integrating technology with their products: “We are bringing the best of both worlds, with software and technology being India’s strengths.” For example, EMotorad’s e-cycles will offer features such as calorie tracking, crash detection, and geo-fencing through its dedicated app.

India’s position as the world’s fifth-largest economy, driven by sectors like information technology, services, agriculture, and manufacturing, provides fertile ground for companies like Ola and EMotorad to flourish. These companies are tapping into a vast domestic market and leveraging a young, tech-savvy workforce, leading to a surge in domestic manufacturing and exports.

Founded in 2020, EMotorad secured Rs 164 crore in a Series B funding round in November 2023, led by Panthera Growth Partners. This capital infusion has bolstered its manufacturing capabilities, global reach, and research and development (R&D) facilities.

Rajib Gangopadhyay, EMotorad’s founder and corporate strategist, stressed the significance of investing in assets for startups: “EMotorad is proof that capital invested towards building assets in a startup can yield the scale and growth of any venture capital-backed enterprise.”

Beyond its digital footprint, EMotorad has a network of over 350 dealers across India and more than 10 EM experience centers. While firmly rooted in India, its operations extend across eight countries, underscoring its commitment to global expansion.

Sumedh Battewar, co-founder and CBO of EMotorad, emphasized the role of technological advancements, automation, and government initiatives in driving the expansion of the company’s gigafactory: “In the face of the climate crisis, gigafactories are leading the way for alternative mobilities, with India spearheading this transformative journey.”

Fueled by the recent Series B funding, including participation from investors like Panthera Group, Xto10x, and Mahendra Singh Dhoni, EMotorad’s expansion plans are set to reshape the EV landscape. With a 370% domestic growth last year and eyes set on global markets, particularly Europe and the US, EMotorad aims to double its revenue to about Rs 300 crore for FY25 compared to Rs 145 crore in FY24.

Jhumpa Lahiri

Jhumpa Lahiri

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