Mahendra Singh Dhoni-backed electric bicycle (e-bike) startup EMotorad has roped in former CARS24 India CEO Himanshu Ratnoo as a cofounder.
His appointment comes as EMotorad looks to strengthen its senior leadership team, expand its global footprint and enter new mobility categories. Speaking on the development, EMotorad cofounder Rajib Gangopadhyay said that Ratnoo’s experience in scaling consumer businesses will help the startup in its next phase of growth.
Chiming in, EMotorad cofounder and CEO Kunal Gupta said the company now wants to build a “global electric mobility brand” from India. He claimed the startup continues to lead the domestic electric cycle market and is seeing strong demand overseas.
Meanwhile, Ratnoo claimed that EMotorad’s Europe business has grown 5X in recent months (without specifying numbers), adding that the company’s export pipeline is attracting strategic partners.
An alumnus of IIM Calcutta, Ratnoo joins EMotorad two months after stepping down from as the CEO of IPO-bound CARS24’s India used car business. He has worked with companies like Food Panda, Barclays and Rocket Internet across his over decade and a half long career.
Founded in 2020 by Gupta, Gangopadhyay, Aditya Oza and Sumedh Battewar, EMotorad sells a range of electric cycles across categories such as commuter bikes, kids’ cycles and leisure-focused products. The startup currently has more than 800 dealerships and operates in over 18 countries.
The startup has raised $25 Mn in funding so far from the likes of Panthera Growth Partners, Green Frontier Capital and Alteria Capital.
The development comes at a time when a slew of top-level executives at Indian startups are quitting marquee names to either float their own ventures or jump ship to other emerging ventures.
Earlier this month, early-stage VC firm Sadev Ventures appointed former Snabbit executive Ishan Kansal as its cofounder and managing partner. In the same month, Deepika Padukone-backed D2C brand Epigamia also roped in ex-Mars executive Ritesh Gauba as its CEO.
In April, agritech startup Gramophone’s cofounder Navneet Singh Batra quit the startup to join fruit supply chain startup Superplum as the CBO. Meanwhile, boAt cofounder Aman Gupta’s latest venture OFF/BEAT recently raised ₹100 Cr in a seed funding round led by Bessemer Venture Partners.
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