Dhoni-backed EMotorad to build world's biggest electric cycle gigafactory

EMotorad, an electric vehicle company backed by cricketer Mahendra Singh Dhoni, is building the world’s biggest integrated electric cycle gigafactory. The firm is set to follow Ola as it expands its existing manufacturing unit in Pune. With this expansion, India will be home to two of the world's largest gigafactories: one for Ola Electric two-wheelers and the other for EMotorad e-cycles.

Spread across 240,000 square feet in phase one, EMotorad’s gigafactory will manufacture all giga components, including the battery, motor, display, and charger, which are critical to electric vehicle (EV) production. With an initial production capacity of over 500,000 e-cycles annually, the gigafactory aims to meet the rising demand for alternative modes of transportation.

The e-cycle gigafactory is being constructed in four phases. When phase one is completed, it will become South Asia’s largest integrated e-cycle gigafactory and the biggest outside of China. Phase one, starting in August, focuses on giga component production, with subsequent phases expanding in-house manufacturing capabilities.

“While building this business of electric bicycles, we realised that the market is huge globally. In 2022, it was worth $40 billion and has been constantly growing,” said Kunal Gupta, co-founder and chief executive officer (CEO) of EMotorad. “The whole world depended on China for sourcing. We believe India has the right capacity and technology to build these capabilities. We started this business in 2020, and in four years, we have become the largest exporter of e-bikes. It is also the largest brand in the country in terms of domestic sales and distribution in this niche. We are seeing drastic adoption of e-bikes among people as the primary or secondary vehicle for commuting.”

EMotorad has incorporated Industry 4.0 standards, driven by smart manufacturing and the creation of intelligent factories. The company is also gearing up to expand its product lineup by introducing an array of electric vehicles. These state-of-the-art models, developed on advanced Gen-2 platforms, are a major win for the EV landscape.

“From the perspective of innovation, we understand that other countries like China and Taiwan are good at manufacturing. But India’s prowess is software and technology. We are bringing the best of both worlds,” said Aditya Oza, co-founder and chief marketing officer (CMO) of EMotorad. “We are the only company that is coming up with one technology solution that also has a layer of software on top of it.”

For instance, Oza said the e-cycle would offer technology that allows customers to track calories burned. It also includes a crash detection notification that alerts riders' loved ones and features like geo-fencing, which allows riders to set virtual boundaries or safe zones via the e-cycle’s app.

Fuelled by key sectors such as information technology, services, agriculture, and manufacturing, India is now the world's fifth-largest economy. Companies like Ola and EMotorad are seizing opportunities within the vast domestic market and leveraging a young, tech-savvy workforce, leading to a surge in domestic manufacturing and exports.

The company was founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar. In November 2023, EMotorad secured Rs 164 crore in a Series B funding round led by Panthera Growth Partners. This capital was used to bolster its manufacturing capabilities, expand its global reach, and enhance its research and development (R&D) facility.

“EMotorad is proof that the capital invested towards building assets in a startup can still yield the scale and growth of any venture capital-backed enterprise, and these strategic ventures will turn startups into generational businesses,” said Rajib Gangopadhyay, founder and corporate strategist of EMotorad.

Beyond its digital footprint, EMotorad has a network of over 350 dealers across India and more than 10 EM experience centres. While its roots and base operations are firmly anchored in India, its activities extend across eight countries, showcasing its commitment to global expansion.

Sumedh Battewar, co-founder and chief business officer (CBO) of EMotorad, said that expanding the company’s gigafactory is driven by technological advancements, automation, and government initiatives. “In the face of the climate crisis, gigafactories are leading the way for alternative mobilities, with India spearheading this transformative journey,” said Battewar.

Funding from a recent Series B round, with participation from investors like Panthera Group, Xto10x, and former Indian cricket captain Mahendra Singh Dhoni, fuels this expansion. The factory expansion was a strategic allocation of funds from the Series B funding secured by EMotorad earlier this year.

EMotorad's domestic growth reached 370 per cent last year, maintaining a four-year streak. The firm is eyeing global markets, particularly Europe and the US. With the launch of its cost-effective X-factor range and advanced drivetrain technology, EMotorad said it aims to dominate the domestic and international markets. The company expects to double its revenue to about Rs 300 crore for FY25 compared to Rs 145 crore in FY24.