Indian cricket legend Mahendra Singh Dhoni has made a strategic investment in EMotorad, an electric cycles manufacturer, although the exact amount remains undisclosed, according to an ET report. Alongside his investment, Dhoni will also become the brand’s endorser, according to Kunal Gupta, EMotorad’s founder and CEO. This marks Dhoni’s latest venture into startups, joining a portfolio that includes Bengaluru-based fitness startup Tagda Raho, digital lending platform Khatabook, and Gurugram-based used car retailer Cars24.
Expressing his enthusiasm, Dhoni stated, “The future is in our hands. We are in an era where innovation plays a huge role in shaping sustainable solutions, and I’m a fan of new-age companies that build these.”
Founded in 2020 by Gupta, Rajib Gangopadhyay, Aditya Oza, and Sumedh Battewar, EMotorad has already captured a significant portion of India’s e-cycle market, claiming 65%. The company previously secured Rs 164 crore in November 2023 in a Series B round of funding led by Panthera Growth Partners, bringing its total equity raised to $20 million.
Dhoni’s association with EMotorad is expected to enhance awareness and trust in the e-biking category, according to Gupta. The company plans to expand its reach across tier-II, III, and IV cities in India.
With a network of over 350 dealers and 10 experience centers across India, EMotorad reported sales of Rs 140 crore in the financial year ending March 2024, with a projected target of Rs 270 crore for FY25. Additionally, the company aims to penetrate international markets such as the US and Europe.
While a majority of EMotorad’s products are sold offline, a portion is also distributed through online channels like its website, Amazon, and Flipkart. Looking ahead, EMotorad is focused on establishing a new factory in Pune, diversifying its e-cycle offerings, and expanding its presence beyond tier I and II cities.
