Commercial EV Maker Euler Motors Raises $60 Mn In Series C Round
Euler Motors, a commercial electric vehicle maker, has raised $60 million (Rs 480 crore) in a Series C funding round led by Singapore’s sovereign wealth fund GIC.
Blume Ventures, QRG Holdings, Athera Venture Partners (formerly Inventus India), ADB Ventures and industrial goods marketplace Moglix also participated in the funding round.
As per the startup, the raised funds will be used to scale the EV’s manufacturing and supply chain infrastructure, accelerating product development, augmenting talent and expanding its brand and distribution network.
Euler Motors | Light Electric Commercial Vehicles
Founded by Saurav Kumar, Euler Motors is focused on sustainable last-mile transport through light electric commercial vehicles.
Last year, the commercial EV Maker launched the HiLoad EV, an electric cargo three-wheeler with an industry-leading payload capacity of 688 kg. The startup claims to have an order book of over 9000 vehicles.
Speaking about the development, Saurav Kumar, Founder and CEO of Euler Motors, said,
“The EV industry has gone through COVID, and there has been a shortage of electronics components, and our own sort of manufacturing capability, so far, has been limited to 100 vehicles every month. So to kind of cater to this kind of demand, we are going to use this funding.”
Euler Motors plans to invest in expanding its distribution network and brand building while continuing to focus on its core values of innovation, performance, and design.
As per the founder, the raised funds would primarily be deployed towards setting up a 12-acre plant in NCR, for which the startup had earmarked nearly Rs 200 crore. From this facility, the EV maker aims to churn out 3,60,000 units per annum in the long term.
The startup plans to expand its retail presence from four cities, i.e. Delhi, Bengaluru, Chennai and Hyderabad, to 12 markets by the end of this fiscal.
As per a joint report titled ‘Electrifying Indian Mobility’ by IVCA-EY-Induslaw, the total private equity and venture capital investments in the EV segment grew 8x to $1.7 billion in 2021, from $181 million in 2020.
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