Pune-based electric cycle startup EMotorad has raised about $20 million (Rs 164 crore) in a Series B funding round led by Panthera Growth Partners. In another development, Elivaas, a tech-driven villa and luxury apartment management company, has raised $2.5 million in a seed round.
EMotorad raises $20m
Pune-based electric cycle startup EMotorad has raised about $20 million (Rs 164 crore) in a Series B funding round led by Panthera Growth Partners. The round also saw participation from xto10x, Alteria Capital, and existing investors Green Frontier Capital.
The company aims to use the fresh funding to develop technologically enhanced smart electric cycles and expand to multiple geographies, it said in a statement.
“The infusion of funds will pave the way for the brand’s expansion across international boundaries, allowing it to demonstrate the strength of Indian innovation on a global platform,” said Rajib Gangopadhyay, MD and Founder, EMotorad.
Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, EMotorad claims to have achieved more than Rs300 crore of revenue returns in just three years, selling more than 80,000 electric cycles.
Peak XV’s Surge backs Elivaas
Elivaas, a tech-driven villa and luxury apartment management company, Monday announced that it has raised $2.5 million in its seed funding round led by Peak XV’s Surge.
The investment also saw the participation of angels including Naveen Kukreja, CEO and co-founder of Paisabazaar; Kunal Shah, Founder of CRED; Mohit Gupta, Co-Founder of Zomato; Amit Lakhotia, Founder of Park+; Ravi Singhvi, Managing Director of Ares Asia; Anant Apurv Kumar, Founder of Brij Hotels; Parag Aggarwal, Founder and CEO of Gobolt; and Toranj Mehta, Marketing Director of De Beers.
The funding proceeds will be used to establish a larger market presence across high-footfall cities in India and in scaling its technology platform, the startup said in a statement.
Elivaas is responsible for the upkeep and close monitoring of rental properties for homeowners while running loyalty and referral programmes in tandem to incentivise bookings. Through partnerships, cross-promotions and its website, Elivaas also claims to provide a suite of services that can help prospective renters, typically made up of independent travellers for families, to find accommodation best suited to their needs.
Since its inception in January 2023, Elivaas claims to have signed on more than 50 properties across Goa, Udaipur, Delhi NCR, and Kufri and has maintained more than half occupancy in their rental homes across seasons.