Mumbai: Bollywood actor Suniel Shetty, cricketer KL Rahul, and actor Ahan Shetty have come together to back a new electric mobility startup, Exelmoto, founded by automotive designer and entrepreneur Akshai Varde. The company is positioning itself as a category-creator in India’s two-wheeler EV market, with a focus on pedal-assist electric bikes—styled like motorcycles but priced like premium bicycles.
Pre-orders for Exelmoto’s first two models—E1X Sky and E2R Rosso—will begin on 28 June, with a limited drop of 999 units available for a token booking fee of ₹499. The unisex bikes are priced under ₹42,000 and come with a removable lithium battery, 40-60 km range per charge, fat tyres, and no need for registration or a licence.
“This isn’t just another EV launch,” said founder Akshai Varde. “We’ve built something that feels aspirational, yet fits everyday Indian commutes. A ride that gives you the thrill of a bike, the fitness of a cycle, and the convenience of a mobile device.”
A lifestyle-led EV play
Unlike e-scooters, which dominate India’s EV landscape, Exelmoto is targeting a hybrid space: pedal-assist e-bikes that aim to blend design, sustainability, and affordability. Common across Europe but still nascent in India, the segment has been largely overlooked by large players. Brands such as Hero Lectro and EMotorad operate in this space but have found limited mainstream adoption.
Exelmoto hopes to change that by infusing the segment with celebrity-backed trust, design-first thinking, and sharper storytelling. The company’s launch campaign—“Ready before the world catches on”—positions the bikes as an aspirational shift in how India commutes, with a clear nudge to younger, urban and semi-urban consumers.
“This is a proud Indian product that’s built for India and backed by people who care about its future,” said Suniel Shetty. “We’re not just investors—we’re believers in the vision.”
KL Rahul added, “Exelmoto blends purpose with performance. It’s the kind of product that speaks to India’s new generation of riders—smart, clean, and reliable.” Ahan Shetty said the bikes are “not just about mobility but identity—conscious, cool, and ahead of the curve.”
What sets Exelmoto apart is its focus on building pedal-assist e-bikes that combine the rugged styling of motorcycles with the accessibility of cycles. The company is launching two unisex models—designed with patented, motorcycle-inspired frames—that are specifically built for Indian road conditions.
Exelmoto is targeting a wide user base that includes students, gig economy workers, professionals, and families—riders looking for an affordable yet aspirational alternative to conventional fuel-powered scooters or entry-level electric vehicles.
Challenges in a crowded market
India’s electric two-wheeler space is getting increasingly competitive. According to Vahan data, over 900,000 EV two-wheelers were sold in FY24, with Ola Electric, TVS, Bajaj, and Ather dominating volumes. But most of that demand is for e-scooters and low-speed mopeds, not pedal-assist e-bikes.
Awareness remains a key challenge for the category. “Most consumers don’t yet understand what a pedal-assist e-bike is,” said a Mumbai-based EV analyst. “You need to invest in demos, test rides, and content to educate the market.”
There’s also the issue of distribution and service, which has tripped up several EV startups in the past. Exelmoto plans to roll out a nationwide dealer and after-sales network following the pre-order phase, with a presence in cities like Delhi, Bengaluru, Lucknow, Kochi, and Indore. Its go-to-market plan includes digital campaigns, influencer engagement, and on-ground ride events.
Then there’s the matter of pricing. While ₹42,000 undercuts many entry-level e-scooters, pedal-assist bikes are often viewed more like premium cycles in India—still a niche space. “If Exelmoto can make the product aspirational and useful, and back it with strong after-sales, they could carve out a new sub-segment,” the analyst added.
The real test lies ahead
While the celebrity endorsements have brought attention, Exelmoto’s real challenge will lie in execution and scale. Distribution, product reliability, and consumer education will make or break the brand.
Varde, who previously founded Vardenchi Motorcycles, is confident. “We’re not building a short-term D2C brand. We’re building a full-stack EV company that combines design, manufacturing, and customer obsession,” he said.
For now, the bet is that India’s next generation of riders is ready to look beyond scooters, and see e-bikes not just as transport but as a statement.
