More EV players are joining the fray to build gigafactories in the country. After Ola, electric bike maker EMotorad, supported by Mahendra Singh Dhoni, is set to expand its existing manufacturing unit in Pune. Set to be the world’s second-largest Gigafactory in India, the company aims to meet the rising demand for alternative modes of transportation with an initial capacity of 500,000+ e-cycles each year.
This gigafactory is being constructed in four phases. When phase one is completed, it will become South Asia’s biggest integrated e-cycle gigafactory and the biggest outside of China. Phase one, starting in August, focuses on giga components including the battery, motor, display, and charger, a critical component in EV production. The manufacturing unit is spread across 2,40,000 sq ft in phase 1.
Funding expansion with strategic ventures
Speaking on the recent developments, Rajib Gangopadhyay, Founder & Corporate Strategist of EMotorad, said, “EMotorad is turning out to be a proof that the capital invested towards building assets in a startup can still have the scale and growth of any VC-backed enterprise, and these strategic ventures will turn startups into generational businesses.”
This expansion is being fuelled by funding from a recent series B round, with investors participating like Panthera Group, Xto10x, and former Indian Cricket Captain Mahendra Singh Dhoni.
“This favourable business environment positions us as a dynamic hub of opportunities for both domestic and international investments. In the face of the climate crisis, gigafactories are leading the way for alternative mobilities, with India spearheading this transformative journey”, emphasised Sumedh Battewar, Co-founder and Chief Business Officer.
With the launch of their cost-effective X-factor range and advanced drivetrain technology, EMotorad aims to dominate the domestic and international markets. EMotorad is poised to showcase India’s prowess at some of the largest auto expo this year, including Eurobike in Frankfurt, Germany, in July 2024.
