The Indian EV space is poised for significant growth, with e-cycle manufacturing at the forefront. The global e-bike market is expected to expand from USD 45 billion to USD 100 billion by 2030, says Kunal Gupta, CEO and Co-founder, EMotorad in an interview with Anurima Mondal, Editor of EVolution Auto India.
Q: Please walk us through the business journey of EMotorad and its significant milestones and crucial achievements.
Kunal Gupta: EMotorad was merely an idea back in 2020 when the world was locked down. Rajib Gangopadhyay (Co-founder and Corporate Strategist) said let’s start something. India was going through a mobility gap, and we had the right product to fill this up, and what better way than to do it with your best friends! Rest is history; we got Aditya Oza, (CMO and Co-founder) on board along with Sumedh Battewar (CBO and Co-founder). To execute a simple yet powerful vision, we gathered exceptional talents in their respective fields to build EMotorad.
Since then, we have come a long way with these significant milestones:
- X-factor Range: We started with high-end premium e-cycles in India, the Desire range – which are one of a kind. Eventually, we introduced our X-factor, designed to appeal to a broader audience by offering high-quality e-cycles at a cost-efficient price.
- Series A Funding: In November 2023, we raised USD 22.5M in Series B funding led by Singapore’s Panthera Growth Partners and others
- Spearheading Tech: Innovation drives growth, which is why we heavily invest in our Bangalore technology centre. Led by Gaurav Gupta and his team of over 70 skilled techies, this centre is dedicated to developing cutting-edge drivetrain technology.
- MS Dhoni: Onboarding Mahendra Singh Dhoni as our investor and endorser in April 2024 was one of our biggest milestones, helping us gain momentum and garner trust among audiences.
- Largest Integrated Gigafactory: We are building South Asia’s largest integrated e-cycle gigafactory, which allows us to manufacture EV components in-house.
- DYNEM: We launched our manufacturing arm DYNEM that caters to domestic and international B2B business.
- Marketing Highlights: Our campaigns with Upendra Limaye – ‘Daddy vs GenZ’ and MS Dhoni’s ‘Bole jo Koyal’ received so much love from audiences. It not only increased awareness for e-cycles, but also doubled our sales and even picked so much media attention.
- Awards and Recognitions: We bagged the ‘Electric Cycle of the Year’ by Indian EV awards twice in a row (2023 and 2024), Company and Service Excellence by EMobility (2024), and Gold Startup of the Year 2024 by ET Shark Awards (2024).
Q: Could you shed some light on the product range of EMotorad along with the USPs? What gives you an edge over your competitors?
Kunal Gupta: EMotorad offers two distinct ranges: the X Factor, providing affordable electric cycles, and the more premium Desire Range, packed with advanced features and top-tier performance. The key USP’s are the range, removable battery, multifunctional displays, and a standard 250W motor across all models. Our frames consist of high-tensile steel and aluminium alloy for durability and versatility. Additionally, unique offerings like the foldable e-cycle with fat tyres, and India’s first dual suspension e-cycle further enhance our competitive edge, providing a wide range of e-cycles that meets diverse consumer preferences.
Q: EMotorad plans to build the world’s biggest electric cycle gigafactory. Tell us more about this development. What would be the initial production capacity?
Kunal Gupta: Undoubtedly, one of the most significant milestones for EMotorad, our gigafactory, is a game-changer. We are building South Asia’s largest integrated gigafactory, which means we will manufacture batteries, motors, displays, and chargers in-house. The gigafactory is spread across four phases, growing in size and capacity.
Phase one is expansion across 2,40,000 square feet in Pune, with an initial manufacturing capacity of 5,00,000 units annually. Phase 2 will begin with the expansion of our in-house frame components and the addition of two new assembly lines. In Phase 3, we will focus on manufacturing mechanical components using multipurpose units. As for Phase 4, it is too early to predict its size and requirements, as it will depend on the productivity of the first three phases and market demands. However, Phase 4 is expected to significantly enhance our total manufacturing capacity. We are still four years away from this stage, and we anticipate it may turn out to be even more substantial than our current projections.
Q: Technological innovations and the growth of digitalization are driving a significant evolution in every sector. How is EMotorad using such tools in its services and solutions?
Kunal Gupta: At EMotorad, we leverage technological innovations and digitalisation to transform our services and solutions. One of our key initiatives is developing our app, which is a comprehensive platform for our users. Integrating IoT (Internet of Things) into our e-cycles, we digitise the entire ecosystem, connecting our e-bikes with smart devices. This integration allows for enhanced functionality, improved user experience, and greater connectivity, ensuring our customers enjoy a seamless and technologically advanced cycling experience.
Q: As a tech enthusiast, how has your journey been at EMotorad? What are your long-term net-zero goals?
Kunal Gupta: As a founder in the EV industry, the journey has been nothing short of a rollercoaster. The last four years have been entirely focused on nurturing EMotorad, from gaining a deep technical understanding of battery systems, powertrains, and software integration to mastering supply chain management to ensure quality and cost-efficiency. These experiences have equipped us with comprehensive skills needed to successfully lead and scale EMotorad. My co-founders have played a crucial role in ensuring our unified focus on building a great company. We are committed to contributing to net zero goals by increasing e-cycle penetration, reducing petrol vehicle usage, and focusing on technological advancements using sustainable materials and recyclable battery technologies.
Q: The current Indian government has set a target of achieving 30 percent electric vehicle penetration by 2030. What are your views on the EV industry?
Kunal Gupta: The Indian EV space is poised for significant growth, with e-cycle manufacturing at the forefront. The global e-bike market is expected to expand from USD 45 billion to USD 100 billion by 2030. E-bikes are becoming increasingly popular due to rising environmental awareness, government incentives, and urban mobility needs.
Globally, anti-dumping duties on Chinese products, including up to 87 percent in Europe and up to 100 percent in the US, create a favourable environment for India and EMotorad, which is constructing the world’s largest integrated electric bicycle gigafactory in Pune and providing innovative e-bike solutions for eco-conscious consumers and urban commuters. It’s definitely a growing market and we’re quite excited for its future.