When MS Dhoni announced his partnership with EMotorad in January 2022, many dismissed it as just another celebrity endorsement deal. The former Indian cricket captain promoting electric bicycles seemed like an odd fit for someone synonymous with powerful bikes, fast cars, and high-octane cricket.
Fast forward to 2025, and EMotorad has become India’s leading electric cycle brand, valued at over ₹600 crore, selling 100,000+ e-bikes annually, expanding to 500+ retail touchpoints across India, and achieving what seemed impossible: making electric cycles aspirational and cool.
MS Dhoni isn’t just EMotorad’s brand ambassador. He’s an investor, stakeholder, and the face of a company that’s riding India’s electric vehicle revolution. From viral marketing campaigns using the iconic “Bole Jo Koyal” song to turn trolls into brand advocates, to strategic positioning that made e-bikes desirable for fitness enthusiasts and urban commuters, Dhoni’s involvement transformed EMotorad from niche startup to mainstream phenomenon.
This is the story of how Thala went from cricket legend to EV entrepreneur, how EMotorad built India’s fastest-growing electric cycle brand, and what it reveals about celebrity investments, India’s sustainable mobility revolution, and the future of urban transportation.
Why Dhoni Chose Electric Cycles
The Bike Lover’s EV Pivot
MS Dhoni’s love for motorcycles is legendary. His personal collection includes Harley-Davidsons, Confederate Hellcats, Ducatis, and vintage bikes worth crores. He’s been spotted riding powerful superbikes, often making headlines for his motorcycle adventures.
So why would India’s most famous bike enthusiast invest in electric cycles?
The answer lies in Dhoni’s forward-thinking approach to sustainability and fitness. Post-retirement from international cricket in 2020, Dhoni focused on maintaining fitness through cycling, farming at his Ranchi farmhouse, and living a more grounded lifestyle. He recognized that India’s urban mobility was broken, pollution was choking cities, and sustainable alternatives were desperately needed.
Electric cycles represented the perfect intersection of fitness, sustainability, and practical urban transportation, a segment poised for explosive growth as India pushed toward electric mobility.
Meeting EMotorad: The Perfect Partnership
EMotorad was founded in 2020 by Rajib Gangopadhyay, Aditya Oza, Kunal Gupta, and Sumedh Battewar, four entrepreneurs who saw opportunity in India’s nascent e-cycle market. While electric scooters and cars grabbed headlines, e-cycles remained overlooked despite offering practical benefits: zero emissions, fitness benefits, affordable pricing (₹25,000-80,000), and no license or registration requirements.
When EMotorad approached Dhoni in late 2021, they weren’t looking for just a celebrity face. They needed someone whose credibility and lifestyle aligned with their brand values: fitness, sustainability, and authenticity.
Dhoni saw potential. India’s e-cycle market was tiny (less than 50,000 annual sales in 2021) but growing rapidly as urban Indians sought alternatives to polluted commutes and sedentary lifestyles. The government was pushing electric mobility through subsidies and infrastructure. The timing was perfect.
In January 2022, Dhoni signed on as brand ambassador and investor, taking an undisclosed equity stake estimated at 2-5% (later reports suggested around 3-4% ownership). This wasn’t a pure cash transaction; Dhoni’s involvement included brand promotion, strategic guidance, and long-term partnership.
The Business Model: How EMotorad Makes Money
Product Range and Pricing
EMotorad operates across multiple segments:
Commuter E-Cycles (40% of revenue):
- Doodle (₹32,999-39,999): Entry-level model, bestseller
- T-Rex (₹49,999-64,999): Premium features, longer range
- EMX (₹44,999-54,999): Mountain bike design
- X1 (₹29,999-34,999): Budget-friendly option
Performance E-Bikes (35% of revenue):
- T-Rex+ (₹74,999-84,999): High-speed, premium components
- Karbon (₹1,49,999): Carbon fiber, top-tier specs
- Lil E (₹34,999-39,999): Compact city bike
Specialized Models (25% of revenue):
- Cargo e-bikes for delivery (₹54,999-69,999)
- Fat-tire models for off-road (₹64,999-79,999)
- Kids’ e-cycles (₹24,999-29,999)
The pricing strategy positions EMotorad as premium-mid segment, above Chinese imports (₹15,000-25,000) but below international brands like Giant or Specialized (₹1,00,000-3,00,000+).
Revenue Streams
Direct Sales (60% of revenue):
- EMotorad website
- Brand app with financing options
- Direct WhatsApp and phone orders
Retail Partnerships (30% of revenue):
- 500+ touchpoints across 200+ cities
- Multi-brand e-bike stores
- Decathlon partnership for select models
- Cycle specialty stores
B2B Sales (10% of revenue):
- Corporate gifting and employee wellness programs
- Delivery fleet partnerships (food delivery, e-commerce)
- Tourism and rental operators
- Government and institutional bulk orders
Total Annual Revenue (2024-2025): ₹180-220 crore
This represents nearly 300% growth from 2022 revenues of approximately ₹60-70 crore, making EMotorad India’s fastest-growing e-cycle brand.
The Economics: Margins and Profitability
- Manufacturing Cost: ₹18,000-50,000 per unit (depending on model)
- Average Selling Price: ₹45,000-50,000
- Gross Margin: 30-35%
- Operating Expenses: 20-25% of revenue (marketing, distribution, salaries)
- Net Margin: 5-10% (still scaling, prioritizing growth over profits)
EMotorad manufactures in India (Pune facility) with some imported components (batteries from China, motors from Taiwan). The Make in India approach provides cost advantages and qualifies for government incentives under FAME II scheme (Faster Adoption and Manufacturing of Electric Vehicles).
Estimated annual profit (2024-2025): ₹9-20 crore, most of which is reinvested into expansion, R&D, and marketing.
Company Valuation and Dhoni’s Stake
Based on funding rounds and industry valuations:
- Current Valuation (2025): ₹600-700 crore
- Dhoni’s Stake: Estimated 3-4%
- Dhoni’s Investment Value: ₹18-28 crore
If EMotorad achieves projected ₹1,200-1,500 crore valuation by 2027 (based on current growth trajectory), Dhoni’s stake could be worth ₹36-60 crore, representing 2x-3x returns within 5 years.
Beyond financial returns, the partnership provides Dhoni with:
- Alignment with sustainable transportation mission
- Brand visibility in emerging EV sector
- Portfolio diversification beyond cricket and traditional endorsements
- Strategic positioning in India’s ₹3,000+ crore e-bike market projected to reach ₹10,000+ crore by 2030
The Marketing Genius: Turning Trolls into Brand Advocates
The “Bole Jo Koyal” Campaign
EMotorad’s marketing strategy, particularly the campaigns featuring MS Dhoni, demonstrates how celebrity equity combined with cultural insight can create viral moments.
The most clever approach has been EMotorad’s embrace of internet meme culture around Dhoni. The “Bole Jo Koyal” meme, a fan-made parody edit that went viral on social media, showed Dhoni lip-syncing to the Bollywood song. While Dhoni never actually appeared in any such movie or ad, the parody became internet folklore, generating millions of views and endless trolling.
Instead of ignoring or fighting internet culture, EMotorad’s marketing team understood the power of memes in reaching younger audiences. Their campaigns leaned into Dhoni’s cool, unfazed personality and his ability to laugh at himself.
The Campaign Strategy:
EMotorad created authentic, relatable content showing:
- Dhoni riding EMotorad cycles through Ranchi streets
- Cycling through his farmhouse with his dogs
- Commuting on e-bike instead of his famous superbike collection
- Fitness routines incorporating cycling
- Behind-the-scenes moments of Dhoni’s daily life
The messaging focused on “Choose Smarter, Not Harder” – positioning e-cycles as the intelligent choice for fitness, environment, and daily commuting.
Social Media Integration:
Rather than polished TV ads, EMotorad prioritized:
- User-generated content from fans riding EMotorad
- Reposting memes about Dhoni and cycling (including the viral parody culture)
- Engaging with “Thala for a reason” meme trend
- Encouraging customers to share their #RideWithThala moments
- Organic content showing Dhoni genuinely using the product
The Results:
- 50+ million impressions across social platforms
- #ThalaRides and #EMotorad trended on Twitter for 3 days
- Media coverage worth estimated ₹15+ crore in PR value
- 300% spike in website traffic during campaign periods
- 40% increase in monthly sales
- Younger demographic (25-35 years) became largest customer segment
The approach worked because it embraced internet culture rather than fighting it, positioning EMotorad as a brand that understands Gen Z and millennial humor while maintaining Dhoni’s authentic, down-to-earth image.
The Thala Factor: Why Dhoni Works for EMotorad
MS Dhoni brings unique advantages to EMotorad:
- Authenticity: Dhoni genuinely uses the product. His social media shows him cycling at his Ranchi farmhouse, not just in polished ads. This authenticity resonates.
- Mass Appeal: As Captain Cool who led India to three ICC trophies, Dhoni commands respect across demographics, age groups, geographies, and social classes.
- Fitness Icon: Post-retirement, Dhoni’s fit physique and active lifestyle make him credible fitness ambassador. His personal transformation inspires middle-aged Indians to stay active.
- Sustainability Alignment: Dhoni’s farming interest, rural lifestyle, and environmental consciousness align perfectly with e-cycles’ green positioning.
- Trust Factor: In a market plagued by quality issues and Chinese imports, Dhoni’s association signals reliability. Indians trust products Dhoni personally endorses.
- Thala Brand: The “Thala” nickname (Tamil for “leader”) has become cult phenomenon. Dhoni fans (including the viral “Thala for a reason” meme culture) provide built-in brand amplification through user-generated content.
Other Marketing Initiatives
Social Media Strategy:
- Dhoni’s 50+ million Instagram followers receive regular EMotorad content
- Behind-the-scenes footage of Dhoni cycling at farmhouse
- Customer testimonials meeting Dhoni at events
- Cycling challenges and fitness tips
Experience Centers:
- Dhoni-themed EMotorad stores in Ranchi, Pune, Bangalore
- Test ride events where fans can ride same models as Dhoni
- Photo opportunities with life-size Dhoni cutouts
CSR and Community:
- Dhoni Foundation partnerships for rural e-bike distribution
- School programs promoting cycling and fitness
- Environmental campaigns planting trees for every sale
IPL and Cricket Integration:
- EMotorad branding during IPL (Dhoni’s Chennai Super Kings matches)
- Cycling challenges for cricket fans
- Limited-edition “Thala” model with Dhoni’s signature
This integrated marketing ecosystem creates multiple touchpoints without excessive advertising expenditure, leveraging Dhoni’s equity efficiently.
The Market Context: India’s E-Cycle Revolution
EMotorad’s growth reflects broader transformation in India’s mobility landscape.
The Numbers: India’s E-Cycle Market
- Market Size (2024-2025): ₹3,000-3,500 crore
- Annual Sales: 700,000-800,000 units
- Growth Rate: 40-50% CAGR
- Projected Market (2030): ₹10,000-12,000 crore, 3-4 million units annually
Key drivers:
- Government Push: FAME II scheme provides subsidies (₹5,000-15,000 per e-bike). PLI (Production Linked Incentive) encourages domestic manufacturing. Cities building cycling infrastructure.
- Urban Pollution Crisis: Delhi, Mumbai, Bangalore among world’s most polluted cities. E-cycles offer zero-emission alternative for short commutes (85% of Indian urban trips under 8 km).
- Fitness Boom: Post-pandemic health awareness, rise of cycling clubs, fitness influencers promoting cycling as exercise and mental health activity.
- Cost Savings: Operating cost of ₹0.10-0.20 per km vs ₹3-5 per km for petrol vehicles. No license, registration, or insurance required for most e-cycles under 250W.
- Technology Improvements: Better batteries (40-80 km range), lighter frames, smartphone integration, improved designs making e-cycles more appealing.
- Delivery Sector: Food delivery, e-commerce, and hyperlocal services adopting e-bikes for last-mile logistics, creating massive B2B market.
Competitive Landscape
Domestic Brands:
- EMotorad (market leader, 12-15% share)
- Hero Lectro (Hero Group, largest by volume)
- Firefox Bikes (established cycle brand)
- Ninety One Cycles
- Geekay Bikes
- Being Human E-Cycles (Salman Khan brand)
International Players:
- Giant (Taiwan)
- Specialized (USA)
- Trek (USA)
- Limited presence, high pricing
Chinese Imports:
- Unbranded models on Amazon, Flipkart
- Quality issues, but aggressive pricing (₹15,000-25,000)
EMotorad’s competitive advantage: premium quality at accessible pricing, Dhoni’s celebrity equity, strong brand identity, omnichannel distribution, and focus on Indian road conditions and use cases.
The Strategy: What Makes EMotorad Different
1. Premium Positioning with Accessible Pricing
EMotorad occupies sweet spot: better quality than Chinese imports, more affordable than international brands. At ₹30,000-80,000, products target India’s growing middle class seeking quality without luxury pricing.
2. Design for India
Unlike imported models, EMotorad designs for Indian conditions:
- Stronger frames for rough roads and potholes
- Weather-resistant components for monsoons and heat
- Comfortable seating for longer rides
- Practical features (carrier racks, phone holders)
- Aesthetics appealing to Indian sensibilities
3. Omnichannel Distribution
EMotorad balances online convenience with offline experience:
- Website and app for information and ordering
- 500+ touchpoints for test rides and purchases
- Service network in 200+ cities
- Home delivery and setup
This approach addresses Indians’ preference for trying products before buying, especially high-value items.
4. Financing Options
EMotorad partners with fintech companies offering:
- 0% interest EMI for 3-6 months
- Buy-now-pay-later schemes
- Corporate tie-ups for employee purchase programs
Making ₹40,000-60,000 cycles affordable through ₹3,000-5,000 monthly installments dramatically expands addressable market.
5. After-Sales Service
Strong service network with:
- Doorstep service in major cities
- 1-year comprehensive warranty
- Spare parts availability
- Service centers in 100+ cities
In market plagued by poor after-sales support, EMotorad’s focus on customer service builds loyalty and word-of-mouth.
6. Community Building
EMotorad creates cycling community through:
- Sunday group rides in cities
- Cycling challenges and competitions
- Social media groups for riders
- EMotorad Owners Club with exclusive benefits
This emotional connection increases customer lifetime value and creates brand advocates.
The Dhoni Effect: Measuring Celebrity Impact
Quantifying Dhoni’s impact on EMotorad:
Brand Awareness:
- Pre-Dhoni (2021): Less than 5% awareness in target demographic
- Post-Dhoni (2023-2025): 40-45% awareness in urban India
Sales Growth:
- 2021: ~25,000 units
- 2022 (Dhoni joins): ~45,000 units (80% growth)
- 2023: ~70,000 units (55% growth)
- 2024-2025: ~100,000 units (43% growth)
Revenue Trajectory:
- 2021: ₹35-40 crore
- 2022: ₹60-70 crore
- 2023: ₹110-130 crore
- 2024-2025: ₹180-220 crore
Valuation Jump:
- Pre-Dhoni (2021): ₹150-200 crore
- Post-Dhoni (2025): ₹600-700 crore
Social Media Metrics:
- Instagram followers: 15,000 (2021) to 500,000+ (2025)
- YouTube subscribers: 5,000 (2021) to 300,000+ (2025)
- Engagement rates improved 400%+
Media Coverage:
- EMotorad featured in 1,000+ media articles (2022-2025)
- Estimated PR value: ₹50+ crore
While correlation doesn’t equal causation, the timing and scale suggest Dhoni’s involvement significantly accelerated EMotorad’s growth trajectory.
Challenges and Road Ahead
Despite success, EMotorad faces hurdles:
1. Competition Intensifying
Hero, Bajaj, Ather, and other established players entering e-cycle market with deep pockets and established distribution. Maintaining market leadership requires constant innovation.
2. Import Dependencies
Battery cells and some components still imported from China/Taiwan, creating supply chain risks and margin pressure. Localizing production remains strategic priority.
3. Infrastructure Gaps
India’s cycling infrastructure (dedicated lanes, parking) lags, limiting mass adoption. EMotorad can’t solve this alone but advocates for better infrastructure through industry associations.
4. Perception Challenges
E-cycles still perceived as “not real bikes” by some consumers. Changing mindsets, especially in smaller cities where cycles are seen as low-status, requires sustained marketing.
5. Profitability vs Growth
EMotorad prioritizes growth over profits, reinvesting revenues into expansion. Eventually, investors will expect profitability. Balancing growth and margins remains key challenge.
The Future: Where EMotorad Goes Next
1. International Expansion
EMotorad has begun exporting to Middle East, Nepal, and Bangladesh. Plans for European and American markets (where e-bikes are mainstream) could unlock massive revenue but require significant investment and localization.
2. New Categories
- Electric scooters (competing with Ola, Ather)
- E-motorcycle segment (125cc equivalent)
- Cargo bikes for commercial use
- Kids’ e-cycles
3. Technology Integration
- Smart cycles with GPS, fitness tracking
- Mobile app ecosystem for routes, challenges
- Subscription models for battery swapping
- AI-powered personalization
4. Vertical Integration
Building battery manufacturing capability to reduce import dependency and improve margins. Potential partnerships with Indian battery manufacturers.
5. Retail Expansion
Target 1,000+ touchpoints by 2027, including:
- 50-100 exclusive EMotorad stores
- Presence in every city with 500,000+ population
- Rural distribution through local dealers
6. Sustainability Focus
Carbon-neutral manufacturing, recycling programs for old batteries, and positioning EMotorad as climate-action brand resonating with conscious consumers.
Lessons from EMotorad’s Success
Authentic Celebrity Partnerships Over Pure Endorsements: Dhoni’s genuine use of EMotorad products and alignment with the brand’s sustainability mission created credibility that pure paid endorsements can’t buy. Celebrity investments work best when founder and brand values naturally align.
Embrace Internet Culture, Don’t Fight It: EMotorad’s willingness to engage with memes, parody culture, and the “Thala for a reason” phenomenon showed how brands can turn internet humor into marketing advantage. Understanding your audience’s online behavior matters more than polished campaigns.
Timing is Everything: Entering India’s e-cycle market in 2020-2022 as government pushed EV adoption, post-pandemic fitness consciousness surged, and urban pollution worsened exemplifies perfect market timing. Align ventures with macro trends, not against them.
Premium Quality at Accessible Pricing Wins India: EMotorad’s ₹30,000-80,000 pricing captured aspirational middle class seeking quality without luxury pricing. Understanding India’s price sensitivity while delivering genuine value creates sustainable competitive advantage.
Build Community, Not Just Customer Base: EMotorad’s cycling clubs, group rides, and owner communities created emotional connections beyond transactions. Community building increases customer lifetime value and generates organic brand advocacy.
Solve Real Problems with Practical Solutions: E-cycles address genuine pain points: urban pollution, fitness needs, expensive commuting, parking challenges. Products solving real problems with practical benefits build sustainable businesses beyond trends.
Omnichannel Distribution for High-Value Products: Balancing online convenience with 500+ offline touchpoints for test rides addressed Indians’ preference for experiencing products before buying. For considered purchases, pure online models limit market penetration.
The Bottom Line
MS Dhoni’s EMotorad investment represents convergence of celebrity credibility, market timing, and execution excellence. What started as brand ambassador deal evolved into genuine partnership, with Dhoni’s equity stake aligning his interests with company’s long-term success.
EMotorad has achieved remarkable growth: ₹600-700 crore valuation, ₹180-220 crore annual revenue, 100,000+ units sold annually, and market leadership in India’s fastest-growing EV segment. Dhoni’s involvement provided credibility, visibility, and mass appeal that accelerated this trajectory.
The “Bole Jo Koyal” campaign exemplifies brilliant marketing: turning potential weakness into strength, embracing self-aware humor, and creating viral cultural moments. This approach, combined with quality products, smart pricing, and strong distribution, positioned EMotorad for sustained success.
For Dhoni personally, the investment provides:
- ₹18-28 crore current stake value (potential ₹36-60 crore by 2027)
- Alignment with sustainability mission
- Strategic positioning in India’s ₹10,000+ crore e-bike market (projected 2030)
- Diversified portfolio beyond cricket
As India’s e-cycle market explodes from ₹3,500 crore (2025) to projected ₹10,000+ crore (2030), EMotorad is positioned to capture significant share. The company’s target: ₹500+ crore annual revenue and IPO by 2027-2028.
The EMotorad story demonstrates that celebrity investments, when built on authentic connection, strategic execution, and market fundamentals, create win-win outcomes. Dhoni didn’t just lend his name; he became face of India’s sustainable mobility revolution, proving that Thala’s smart moves extend well beyond cricket pitch.
From awkward Bollywood debut to EV entrepreneur, MS Dhoni’s journey with EMotorad shows that sometimes the best investments are ones that align personal values, market opportunities, and the chance to make genuine impact. And in this case, the impact is measured not just in crores, but in reducing pollution, promoting fitness, and transforming how Indians move through their cities.
