At Sugermint Media, our aim is to bring to our entrepreneurs community some of the inspiring and motivational stories from the entrepreneurial ecosystem.
As part of this endeavour, we invited yet another passionate entrepreneur Mr. Aditya Oza, Co-Founder and CMO, EMotorad for an exclusive interview with us.
Tell us about this journey
Mr. Aditya Oza: The idea of EMotorad first came up in 2016-17, when we four Co-founders – Kunal Gupta, Rajib Gangopadhyay, Sumedh Battewar, and Aditya Oza – met.
By the end of our brainstorming session, we knew that EV was the future and that we wanted to be in this space.
Previously, we had all been individually involved in solving commuting and mobility challenges, and so our journey began as a B2B consulting firm in the European markets.
A study showed a market gap, which led to a plan that culminated in the launch of a B2C model, and EMotorad being bootstrapped in 2020.
Since then, there has been no looking back, and we have grown to become the fastest-growing e-bike manufacturing start-up in India.
Our employee strength has gone from 18 to 125 in 3 months, registering a revenue growth of 650% YoY and a 6-month growth-in-valuation of 3000%. As a Make-in-India product, this journey has been extremely encouraging for EMotorad.
Give us an introduction to EMotorad’s range of e-bikes.
Mr. Aditya Oza: The first e-bike from the EMotorad stable was the flagship EMX, launched in August 2020. It became India’s first dual-suspension e-bike, with a maximum speed capacity of 28 km/hour.
The EMX is capable of covering a distance of 45+ km on a single charge. T-Rex, launched in January 2021 is designed to meet Indian rough terrain conditions.
It offers 35+ km on a single charge with dual disk brakes. Our third product is a foldable e-bike called Doodle, it is a fat-tyre EUV of e-bikes and offers 45+ km on a single charge with its 36V 10 Ah battery.
Besides these three e-bikes available in India, we also have the Glyder, Xplorer, Dolphin, Trible, and Ener-G which we sell in the international markets that we are operating in.
How is EMotorad looking at expanding beyond India?
Mr. Aditya Oza: After having launched our products in India and establishing our base as a company that offers top-quality products, we started with EMotorad’s expansion into newer markets.
Our international journey began with the UAE and was followed by Nepal and Japan. To date, the company has pride in having retailed 16,000 units in India, 4,000 in the UAE, 2,000 in Japan (1,000 units were sold during pre-launch sales itself), and 300 in Nepal.
While we have the same models that we offer to the Indian market in Nepal, in Japan, we have launched 3 models and are planning a fourth one. Japan is an evolved market that does not compromise on quality.
We have launched Glyder, Xplorer, Dolphin specifically designed to keep the demography and customer needs of Japan in mind. Likewise, Trible and Ener-G are our product offerings for the UAE.
An example of how EMotorad does things differently is that it is also the first Indian OEM to issue ESOPs to employees
Mr. Aditya Oza: We have allocated 6% of the company shares as ESOPs which are available to each of our 80 plus employees across the board.
It comes with a 3-year vesting period and thus offers long-term value to our employees. At EMotorad we believe in building an ownership culture that makes our employees stand out.
And as such, our ESOP program is the first for an OEM. We have a simple objective of early and more value creation.
And with each growth phase, EMotorad will build wealth for its family of employees. The ESOPs have actually been created so that it benefits everyone in the least possible time.
By doing things differently we believe that EMotorad will be able to induce a sense of passion and belonging among our employees. Without them, the company would not have been where it stands today.
How do you see the Indian EV space shaping up in the next five years?
Mr. Aditya Oza: If you look around the world today, you will find the e-bicycle market to be booming. As the world makes a transition to a healthier, cleaner, and greener commute we find that people are switching to these eco-friendly bikes.
The need to reduce vehicular emissions and dependency on fossil fuels is being felt like never before. And with technology, range anxiety has been reduced.
So, be it adventure seekers, daily commuters, or casual riders, we will see the numbers only going up. Over the next few years, industry reports suggest that India is likely to see investments to the tune of $12.6 billion in the EV space.
This is definitely going to boost every aspect of the EV sector from manufacturing to charging infrastructure.
With this and the policies of the government, India will see EVs make up for a large chunk of the mobility space.
We hope you find the inspiring story of Mr. Aditya Oza, Co-Founder and CMO, EMotorad useful and inspiring through your entrepreneurial journey and will keep you inspired.
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