‘Future in our hands’: MS Dhoni invests in e-cycle startup EMotorad, becomes brand endorser

Former Indian cricket team captain Mahendra Singh Dhoni has ventured into the domestic electric vehicle (EV) space by investing in EMotorad, a Pune-based e-cycle startup, a press release stated.

In return for this investment, Dhoni will take up equity ownership in the company, the release added. He would also become the brand endorser, it further noted.

The amount of investment made by Dhoni was not disclosed by EMotorad. The details related to the percentage of stake that he has acquired was also not shared in the media release.

“We started EMotorad with a simple mission: to optimise the world of mobility and create fun moments for people and the planet - and who better than MS Dhoni to represent this,” Kunal Gupta, co-founder and CEO of EMotorad, was quoted as saying.

Dhoni backing startups

Dhoni, the former World Cup winning captain and still a mainstay in the Indian Premier League (IPL) team Chennai Super Kings, has been investing in a spree of startups in recent years.

The list of such companies include the Gurugram-based used car retailer Cars24, digital lending platform Khatabook and the Bengaluru-based fitness startup Tagda Raho.

On his investment in EMotorad, the media release quoted Dhoni as saying, “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. EMotorad stands at the forefront of shaping the future of mobility, and I am thrilled to be a part of this journey.”

EMotorad’s business

The e-cycle startup was founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar. The company manufactures hybrid cycles that could be run using electrically powered accelerators or through the manual peddling method.

The price range, as per the list of e-cycles available on their website, stretches approximately between ₹23,000 and ₹65,000. The company claims that its products are suitable for adventure seekers and casual riders, as well as daily commuters.

As per the press release, it has a market share of around 60% in the Indian e-cycle market, and it aims to expand globally. Across the country, it currently has around 350 offline stores. The sales are also driven through its online platform.

EMotorad last raised funds in November 23, when it mopped up ₹164 crore in a Series B funding round that was led by Panthera Growth Partners.