- To launch four e-bikes in UAE and bookings to start from August 1.
- Startup aims to touch revenues of $25m this year, including B2B supply.
- With the Dubai Expo coming, it is the right place to catch eyeballs, co-founder says.
- Plans to enter into Africa, Southeast Asia, North America and the US this financial year.
- B2C, whcih contributes 10% to its revenues now, is expected to increase to 70% in next three years.
Global electronic bicycles or e-bike manufacturers beware, an Indian startup – EMotorad – flexes its muscles and gears up to spread its wings into the global arena.
“The startup was started in 2020 with a vision of moving India to greener mobility. When we launched our products we were unaware of how the market is going to respond. Fortunately, we had a huge welcome from the crowd and sold 1,200 units in the first month,” Kunal Gupta, co-founder and CEO of EMotorad, said in an exclusive interview to TechChannel News.
The company has four enthusiastic and energetic cofounders – Aditya Oza, Sumedh Battewar, Rajib Gangopadhyay, apart from Kunal Gupta.
“We four came together to build out a team, with an investment of $3 million, and make a mark in the EV space. We have launched three products in the Indian market – EMX, Trex and Doodle. We have sold more than 10,000 units in India and touching revenue of $15 million and expect to touch $25 million this year, including B2B,” Gupta said.
EMX is India’s first dual-suspension e-bike with a price of Rs54,990, T-Rex (mountain e-bike, designed for rough terrain with a price of Rs38,990), and Doodle (fat tyre and foldable SUV of e-bikes with a price of Rs75,990).
The startup has been working in the B2B space for the last four years, supplying white-labelled e-bikes to various companies globally and present in more than 58 countries.
According to research firm Mordor Intelligence, India’s e-bike market was valued at $1.02 million in 2020, and it is expected to reach $2.08 million by 2026, with an annual growth rate of 12.69 per cent.
The Indian e-bike market is moderately fragmented with the presence of many startups and companies, such as Hero Cycles, GoZero, Trek bikes, GoZero Mobility, Zadd Bikes, Eadicct Mobility Solutions, Being Human, Giant Bicycles Co, and others.
UAE is gateway to the world
EMotorad is making UAE the stepping stone to the outside world in the B2C space.
Aditya Oza, co-founder and CMO of EMotorad, said that they are a young startup.
“We had a lot of options in exploring the world but we selected UAE because the Emirate does not accept everything but only the best. It is an Emirate with people from all parts of the world and with different requirements. The Emirate is also the gate to the world and is the right place to catch the eyesight,” he said.
With the Dubai Expo coming, he said that they found this to be the perfect time for them to step in as it attracts eyeballs from around the world.
Dubai Expo is taking place from October 1 to March 31, this year.
Sumedh Battewar, co-founder and CBO at EMotorad, said that they are introducing four e-bikes – T-Rex, Doodle, Trible and ENER-G to the UAE market.
ENER-G is a mini scooter, exclusively designed for the delivery segment while Trible is a tri-fold e-bike for the last-mile commute.
“The bookings will begin from August 1. The brand will also go live on online marketplaces such as Amazon and Noon.com besides our official website. We will also be tying up with dealers across the UAE,” he said.
The price ranges from AED3,000 to AED4,500 in the UAE.
In India, Battewar said that they have brick and mortar stores across more than 49 cities and in more than 20 states, with more than 150 active dealers.
The company is targeting segments such as leisure, recreational rides, health and commute for all age groups.
Rajib Gangopadhyay, a founder of EMotorad, said that the UAE government is proactive in terms of promoting EV and the infrastructure is happening as we speak today.
Global expansion plans
“EV is the future as the petrol prices are rising day by day. The global shift towards electric mobility is now inevitable. We are taking up small countries and trying our products in Africa and we have already moved into Southeast Asia and we are concentrating towards North America and the US. Our products will be available in these countries in this financial year,” he said.
The majority of the mechanical components are sourced in India, while the electronic components are imported from China, Singapore, Malaysia, Taiwan, the US, etc.
B2B right now contributes about 90 per cent to the revenues of EMotorad and expects B2C to contribute about 70 per cent in the next three years.
“We want people to come and experience our products and we are not looking at sales figures or revenues in the UAE for the time being,” he said.
This financial year, he said that they are expecting to sell between 8,000 and 10,000 units in India.
“In the last three months, we have sold about 3,000 units,” he said.
Gupta said that they want to expand globally, supply more products and educate more people about EVs.
“We call ourselves as an EV company rather than an e-bike company. In the next five to 10 years, we may launch an e-bike or an e-car, who knows. The US and Europe are the biggest EV-adopted markets but there are other small countries which are catching up very fast,” he said.
Who knows, the next Tesla of e-cycles could be EMotorad.