THE em THESIS
/ 2026 — 2031everything motorcycling
em
The thought behind the ride.
A complete read of the market we are entering, the wedge we are using to enter it, and the financial architecture that turns a passionate community into a $76B opportunity.
10
Sections
5Y
Horizon
1,335
Cr GMV
The 'Adventure Tax':
Why Riders Don't Ride.
The friction between a rider and the ride.
No One Stop Shop(The Friction)
there is no single place where riders can complete the full journey below for moto-experiences, like tours and upskilling courses.
THE RIDER'S JOURNEY
& repeat
DM For Price Culture(The Friction)
motorcycle tour operators, moto-skill schools and moto-accommodation partners operate with a 'low-tech high friction' method of 'DM for price' on WhatsApp and a notebook.
ANATOMY OF THE FRICTION
- 1
rider wants to book
a tour, a class, a stay
- 2
DMs operator on WhatsApp
“dates? price? availability?”
- 3
operator checks a notebook
manual lookup, no system
- 4
hours or days pass
no SLA, no status
- 5
maybe a quote arrives
no compare, no checkout
Flooded With Fakes(The Friction)
motorcycle riding gear and aftermarket accessories are inherently 'low-trust' categories with fakes and low quality imports flooding the market.
THE TRUST GAP
what a rider finds when searching for a helmet
genuine + certified
verified seller, real warranty
grey market / replica
looks legit, often isn't
outright fakes
won't protect in a crash
Indicative market split based on category interviews.
The OEM Conundrum(The Friction)
motorcycle OEM parts buying experience has no transparency, and the shops are usually located in a seedy part of town, leading to a poor buying experience.
PICK ANY TWO
today, a rider has to pick any two
genuine parts
real OEM, not a knock-off
fair, visible price
no haggling, no surprises
safe, reputable shop
not a back-alley counter
No Digital First Thinking(The Friction)
most online moto-product stores are just part of a 'channel' strategy of an offline store, limited in its offering, and lacking adequate and accurate product information. no 'digital-first' thinking.
OFFLINE-FIRST vs DIGITAL-FIRST
offline-first store vs digital-first store
Riding the
Premium Wave.
premium bikes
≥ 250cc, lifestyle segment
commuter bikes
entry-level, utility segment
weekend
warriors
a growing tribe
for whom motorcycling is a lifestyle, not a commute.
new
formats
schools · tours · leagues
riding schools, moto-tour operators, made-for-OTT racing (e.g. ISRL).
high
intent
focused traffic
riders arrive with a specific purchase in mind — not browsing.
↑ ASP
↑ AOV
premium basket
higher than average retail ticket size and order value.
high
LTV
repeat behaviour
gear, parts and experiences bought again and again.
rate
+ review
evangelise by default
riders publicly rate, review and recommend branded products.
every
few yrs
the upgrade loop
a new bike triggers a fresh cycle of gear and accessory spend.
$76Bn+ by 2035.
The TAM, global.
THE INVESTED ENTHUSIAST
A premium tribe, riding into a $76B horizon.
Apparel & Protective Gear
Rapid shift toward premium, weather-resistant touring gear and smart/airbag wearables.
Aftermarket Accessories
High-intent purchasing of luggage systems, tech mounts, and performance parts during the '72-Hour Gap' post-bike purchase.
Moto-Tourism & Rentals
The fragmentation of independent tour guides consolidating into trusted digital marketplaces.
TOTAL ADDRESSABLE MARKET
2026 baseline
~$33.7B
2031 TRAJECTORY →
Year 5
~$76.7B
The 360° Ride Ecosystem.
'The Nykaa for Moto.'
Phase 1
The Marketplace of Moto-Experiences — The Hook
We standardise the chaos of moto-experiences using our proprietary AI engine. By offering a unified interface with clear dates, skill levels, information and pricing, we digitise partner inventory and establish immediate trust with the premium rider.
Phase 2 & 3
The 'Endless Aisle' — The Conversion
We monetise this captured audience via Agentic-e-commerce. By moving from Experiences to Gear/Aftermarket accessories (Phase 2) and OEM parts (Phase 3), we offer unlimited choice via direct-to-consumer fulfillment.
The Moat
The 'Trust Engine'
Uses AI and living content to capture traffic upstream, effectively lowering Customer Acquisition Cost (CAC) by 60%.
Community-Led.
Low-CAC. High-Conversion.
01 / PARTNER SOCIAL LEVERAGE
Early in phase 1, we leverage our partners' social media presence to generate additional revenue. Even a 1% conversion of their overall followers gives us
30,000 riders
spending a minimum of ₹10,000 each over a year.
02 / SOCIAL COMMERCE
Influencers and experts open their stores on our platform, curate looks from our inventory across brands and promote the looks on their social channels — for a commission on total sale price.
The Trajectory To
1,335 Cr GMV.
1,335 Cr
Total GMV by Year 5
284 Cr
Net Operating Income by Year 5
230x
Revenue growth vs 14x OPEX growth
7.5 Cr
Positive NOI achieved by Year 3
Growth is driven by evolving the primary revenue engine from high-margin Experiences in the early years to scalable E-Commerce (Gear and OEM parts). Built by riders with enterprise-scale corporate DNA — Myntra, Cult, ShareChat/Moj, ZEE5, Oddity Designs and GoodEarth.
The Model's
Load-Bearing Inputs.
Revenue Mix Evolution.
Experiences → Commerce.
| Revenue Stream (GMV in Cr) | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|
| Accommodation | 1.07 | 3.33 | 11.23 | 36.19 | 100.86 |
| Schools | 4.29 | 13.31 | 44.91 | 144.75 | 403.45 |
| Tours | 5.36 | 16.64 | 56.14 | 180.93 | 504.31 |
| Festival / Races | 0.01 | 0.20 | 0.76 | 2.14 | 6.00 |
| Custom Experiences | 0.02 | 0.40 | 1.52 | 4.28 | 12.00 |
| Gears (Commerce) | 0 | 0 | 17.06 | 72.88 | 154.21 |
| OEM Parts | 0 | 0 | 17.06 | 72.88 | 154.21 |
| Total GMV | 10.75 | 33.88 | 148.68 | 514.05 | 1,335.04 |
14x OPEX Growth,
Funding 230x Revenue Growth.
| Expense Department (Cr) | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|
| People (HR / Salaries) | 1.60 | 2.62 | 5.09 | 8.01 | 16.89 |
| Technology | 1.28 | 2.05 | 4.07 | 6.41 | 13.51 |
| Marketing | 1.28 | 2.06 | 4.09 | 6.36 | 13.41 |
| Operations (Logistics) | 0.60 | 0.55 | 4.75 | 13.23 | 30.69 |
| Business Development | 1.28 | 2.05 | 4.07 | 6.41 | 13.51 |
| Legal & Compliance | 0.16 | 0.26 | 0.51 | 0.80 | 1.69 |
| Total OPEX | 6.20 | 9.59 | 22.58 | 41.22 | 89.70 |
From -4.58 Cr in Y1 to
284.11 Cr NOI by Y5.
| Metric (Cr) | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|
| Net Platform Revenue | 1.62 | 5.08 | 30.08 | 128.51 | 373.81 |
| Total OPEX | -6.20 | -9.59 | -22.58 | -41.22 | -89.70 |
| Net Operating Income | -4.58 | -4.51 | 7.50 | 87.29 | 284.11 |
| Funding Injected | 12.5 | 0 | 40 | 0 | 80 |
| Ending Cash Balance | 7.94 | 4.52 | 67.59 | 172.94 | 621.42 |
TAM calculations derived from industry growth forecasts: Motorcycle Accessories (Global Market Insights / Transparency Market Research), Riding Gear & Apparel (Spherical Insights / Mordor Intelligence 2026-2031 Analysis), and Moto-Tourism (Technavio / IMARC Group).
The
Bottom
Line
Everything Motorcycling (em) is dismantling the friction of a broken, offline-first distribution model to build the 'Nykaa for Moto'.
We are capturing the high-LTV 'invested enthusiast' in a premium market growing at 36%.
VISION
Claim 1% of the $76Bn+ opportunity.
Join us for the ride.