EV Startup Euler Motors Raises Rs 30 Cr In Series A Funding
Euler Motors, an electric vehicle startup, has raised Rs 30 crore (about $4 million) as part of its ongoing Series A funding led by existing investors Inventus India and Jetty Venture.
Existing investor Sujeet Kumar (Co-Founder of Udaan) also participated in this round besides new investors Srinivas Anumolu and K Ganesh from Growth Story, said the startup in a statement.
As per the startup, it will use the funds for a new production facility, research and development, and expansion of charging and servicing infrastructure.
Founded by Saurav Kumar in 2018, Euler Motors is focused on sustainable last-mile transport by accelerating the transition from internal combustion engines to new-age electric vehicles and become a category leader for cargo and passenger vehicles.
The startup claims that around 250 Euler Motors’ three-wheeler electric vehicles (EVs) are used by Ecommerce companies such as Bigbasket, Ecom Express and Udaan in Delhi-NCR for last-mile delivery.
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