The former Indian cricket team captain and favourite player of all, MS Dhoni, has ventured into the domestic EV space, with the EMotorad startup. This is a Pune-based e-cycle startup that has been making headlights recently.
In return for this entire investment made by MS Dhoni, he is going to take up equity ownership in EMotorad, according to the release. Also, he is going to be the brand endorser for the startup.
However, there are no figures disclosed about the investment made by Mahendra Singh Dhoni. Plus, the details related to the stake percentage that he acquired were also shared in any media release.
‘We started with this company, EMotorad, with a simple vision and mission. It was to enhance the world of mobility and make it completely fun for people and the planet. And there was no one better than Mahendra Singh Dhoni to represent EMotorad,’ according to Kunal Gupta, who is the co-founder as well as CEO of EMotorad.
MS Dhoni and his idea of backing different startups
MS Dhoni is the former World Cup-winning Indian captain. He is still playing a major role in the Indian Premier League with the Chennai Super Kings. When it comes to backing EMotorad, this is not the first time he has done it.
He has been investing in different startups for the past few years. The list of such startups includes companies like Gurugram-based used car retailer Cars24, Bengaluru-based Tagda Raho, which is a fitness startup, along with digital lending startup named Khatabook.
After investing in EMotorad, the media release quoted MS Dhoni as saying, ‘The future is and has been in our hands. We are living in a world where innovation plays a huge role in creating sustainable solutions. Moreover, I am a big fan of new-age companies and startups that are involved in this. EMotorad is at the forefront of molding the future of mobility. I am excited to be a part of it now.’
About EMotorad and its business
EMotorad is an e-cycle startup that was founded in 2020. The people behind this startup are Rajib Gangopadhyay, Aditya Oza, Sumedh Battewar, along with Kunal Gupta. EMotorad manufactures hybrid cycles that work by using electrically powered accelerators and the manual peddling method.
The price range of these e-cycles listed on their official website is around Rs. 23,000 to Rs. 65,000. According to the company, the products of EMotorad are meant for adventure seekers, regular riders, and daily commuters.
Currently, EMotorad has around 350 offline stores, and sales are driven by both offline and online platforms.
The last funds raised by EMotorad were on November 23 for around Rs. 164 crore in a Series B funding round. This funding round was managed by Panthera Growth Partners.
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