Synopsis
Former Cars24 India used-car CEO Himanshu Ratnoo has joined EMotorad as cofounder, bringing his expertise to the electric cycle company. Ratnoo aims to scale EMotorad's global presence, building on the company's existing success in Europe and its expansion into 18 countries.Listen to this article in summarized format
Pune-headquartered EMotorad, founded in 2020, is backed by the likes of Panthera Growth Partners, Green Frontier Capital and Binny Bansal's xto10x.
"What EMotorad has built is genuinely exciting. Europe has already scaled 5X in a matter of months. Mass mobility is a global shift, not limited to India as a market. My job is to make sure we show up at the scale this opportunity deserves," Ratnoo said in a statement.
Ratnoo had joined Cars24 in 2020 as vice president and was later elevated to the India used-cars CEO role in 2024. The division contributes over 50% of the company's overall business.
The Gurugram based used-car sales company has recently seen a series of top-level exits, including cofounders Mehul Agrawal and Gajendra Jangid, who served as chief operating officer (COO) and chief marketing officer (CMO), respectively.
Cars24 last raised $329 million in December 2021, led by Alpha Wave Global, at a valuation of $3.3 billion.
EMotorad is led by cofounder and CEO Kunal Gupta, along with cofounder Rajib Gangopadhyay. Former Indian cricket captain MS Dhoni is an equity investor and the official brand ambassador of the company.
The six-year-old electric cycle startup currently has close to 800 dealerships across 18 countries. The company has raised $25 million in cumulative funding to date.
"We started with a dream and a garage, and we are now shipping cycles to 18 countries. Himanshu brings a rare combination of scale and deep consumer instinct that this phase demands," said Gangopadhyay, in a statement.
The e-cycle company's cofounder and CBO Sumedh Battewar and cofounder and CMO Aditya Oza had quit last year.
