[Exclusive Interview] Find Out This Make In India EV Startup Sold 72,000 E-Bikes Across 18 Countries

Recently, we interacted with Mr. Rajib Gangopadhyay, MD and founder of EMotorad, a Pune-based EV manufacturing startup.

Here are the interview highlights:

Q1. How has been your journey so far as an industry leader in the EV sector?

As an industrial the leader journey I have seen growth right from not having an awareness of Electric Vehicles as a segment to the rapid adoption in the last two years. I think being a part of the EV industry, we have seen immense growth ourselves. We have seen a potential move for India to implement Make in India in the EV sector, and the opportunity that India currently sits on, to not just cater to the Indian market, but to make for the world. The global scheme of things have put us in a position where we have the opportunity to start exploring new industries where we can be a major manufacturing hub for the world and I think that is why we have taken the step to go out and launch in markets like Europe Japan Australia.

Frankly this industry, the EV sector is at the brink of a major breakthrough, as a lot of innovations, a lot of new technology will now come through. India is rapidly accepting and adopting the EVs and it is a complete privilege to be a part of this industry and lead such young a team of motivated individuals in building EMotorad as the highest e-bike exporter from India.

Q2. How is your new product range X-Factor? What are its specifications, will it solve the problem of the high price range of EV vehicles in India? Is the new range making a profit as you expected?

X factor is launched for India and for the world but specifically keeping in mind the fact that the cost of ownership of EVs is very high at the beginning. And to bring out an EV that starts at 24999 itself is unheard of, it is setting a precedent of economical premium products for the common man in India. This is our first step to start manufacturing bikes that cater to both the privileged Indians in tier 1
cities across the country, but also for the tier 2 and tier 3 cities. X-factor is designed with that little girl in mind, who wants to go to school, for that farmer and walks to his farmland, and so many other people who require this technological innovation, not as luxury commodity, but as a daily necessity.

X Factor provides an answer for these gaps that lie deep at the roots of India with its current set of range, its non-dependence on charging infrastructure, its minimal service and maintenance, to cater to a large demand of the market and have deep penetration.

Consecutively, we have seen a 4X growth in our unit sales, post the X-Factor launch. The X-Factor has specifications 7.5Ah Li-ion battery the Pedal assist features, with a range of 40+ km per charge that are instrumental in making a product that is both premium, but also aids people in their daily life.

Q3. The Indian Government is committed to sustainable development in the field of green energy. How is your company contributing and what are your expectations from the government to accelerate the process?

The recent moves made by the Government of India have been a blessing. Fortunately, in the electric bicycle market, the Government has introduced subsidies in Delhi, Chandigarh, and so on. This has boosted the general adoption rate across India to a larger scale.

Imagine if all the Indians switch to electric bicycles, we can probably solve the traffic problems in a day – with just a change in mindset. We have been pushing for this change, and the Government of India has been aiding us across the country – both in state and central levels.
At the central level, we have got so many benefits in manufacturing, in exports – in fact, the recent

trade deal with Australia has helped us enable the Australian market immediately after. This was a big boost for a company like us to go out and explore new avenues because we could compete with products from neighbouring countries, which have higher duties.

Q4. How has your company performed so far in terms of sales and growth?

We have had a 400% YoY growth so far. This year again, with the launch of our new range X-Factor,we are projecting a similar growth or higher. This was possible because from the very beginning we have concentrated on both growth and profitability. For us, the bottom line is as important as the top line.

However, a 400% growth for any company year on year is a massive target to achieve, and I believethat this team is capable of sustaining that in the longer run. Higher growth rates seem achievable and possible because the adoption rate is rising rapidly along with our constant drive for innovation, and because we are bringing down the costs. In my opinion, these are positive indicators for the future.

Q5. What is the future of EVs in India and where do you see your company in the next 5 years?

Frankly, the EV segment is super bright in the future. Currently, we are at a critical juncture… right before dawn. In fact, in the next 10 years there will be more EVs on the road than traditional ICE vehicles.

We see ourselves to be maintaining the number one position in the E-bike segment, however, we have no plans to explore the electric scooter or motorcycle markets currently. Although, we have been involved in R&D to explore later. We also see ourselves going out and becoming big in the international markets, Europe, Australia, and Japan being our biggest markets. Five years down the line, we aim to prepare ourselves to explore the western hemisphere. We are heavily investing in our manufacturing, innovation, and R&D strengths and so will start yielding the results. This is going to catapult us to become an industry leader in the longer run as well.