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MS Dhoni backs electric cycle maker EMotorad

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Electric cycles maker EMotorad has raised an undisclosed amount in a new round from Indian cricketer Mahendra Singh Dhoni. Post investment, Dhoni will have equity ownership in EMotorad and will also become brand ambassador for the company. Earlier to this round, the startup had raised $20 million in a Series B round led by Panthera Growth Partners in November 2023. Founded in 2020 by Kunal Gupta, Rajib Gangopadhyay, Aditya Oza and Sumedh Battewar, EMotorad operates a network of over 350 dealers across India and over 10 experience centres. The company claims that it is sourcing approximately 70% of the components locally, and has sold over 80,000 electric cycles in the last three years. It further aims to expand to 100,000 electric cycles by FY25 globally. EMotorad competes with TrottleMotors, eLIFE, Motovolt, and Yulu, among several others. MS Dhoni’s investments include Garuda Aerospace, Rigi, Tagda Raho, Khatabook, Cars24.