PE Fund Investments
Electric bicycle maker Emotorad attracts Rs.164-Cr led by Panthera Growth Partners
Pune-based electric bicycle maker EMotorad has raised INR 164 crore in a funding round led by growth-stage venture capital firm Panthera Growth Partners. The funding round also saw participation from xto10x, venture debt fund Alteria Capital and existing investor Green Frontier Capital. About INR 144 crore of the funding was raised in equity and the rest in debt from Alteria Capital. The firm will use the funds for research and development, as well as for expanding its footprint. EMotorad will also use the funds to build a 150,000 square feet manufacturing facility. The firm makes 14 products, about half of which are sold in India and the rest in the US and Europe. It reported revenue of INR 130 crore in 2022-23, and aims to be EBITDA-level profitable in the next 24 months.
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