Mumbai, Dec 19 (PTI) Electric bike startup EMotorad on Thursday said it has forayed into the kids' category with a new vertical Formula Fun and plans to invest Rs 150 crore in the new business over the next two years.

The company also announced that it has partnered with British multinational toy retailer Hamleys to launch premium kids' mobility, including ride-on cars under official premium brand licenses.

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Formula Fun is designed with a focus on safety, and premium quality, and aims to organise India's fragmented over Rs 1,000 crore kids mobility market. Their range includes officially licensed IP cars, kick-scooters, and more, the company said.

Available online and offline across 100 Hamleys stores in India, the exclusive range of over nine IP-licensed products has been live at Hamleysfor the past month, it added.

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"The brand will soon be available on major e-commerce and quick commerce portals, its own website, and is also expanding into the D2C market along with offline dealerships. Their expansion strategy is aimed at Rs 150 crore investment in the next 24 months, making this a key segment in their verticals," EMotorad said.

"The Indian kid's mobility market is valued at over 1,000 crore, but it remains largely unorganised with lack of standardisation and safety issues. We aim to gradually streamline this sector with our focus on premium quality and safety, similar to global brands like Lego and Mattel," said Kunal Gupta, co-founder and CEO of EMotorad.

With over 30 products in the pipeline for release in the next six months, Formula Fun's offerings start at Rs 3,000, with premium ride-on cars priced starting at Rs 9,999, the company said.

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