India, Jan. 27 -- Mahendra Singh Dhoni-backed electric bicycle (e-bike) startup EMotarad's consolidated net loss widened 214% to INR 30.54 Cr in the fiscal year 2023-24 (FY24) from INR 9.73 Cr in the previous fiscal year, hurt by rising expenses.

The Pune-based e-bike manufacturer witnessed a strong top line growth during the year under review. Its operating revenue surged nearly 17% to INR 143.59 Cr in FY24 from INR 124.51 Cr in FY23.

Founded in 2020 by Kunal Gupta, Rajib Gangopadhyay, Aditya Oza and Sumedh Battewar, EMotorad sells premium e-cycles. The startup claims to have produced 97K electric cycles in FY24 and aims to triple this number in FY25.

In May 2024, EMotorad said it was setting up what it claimed would be the world's la...