Euler Motors, a manufacturer of electric commercial vehicles, announced the closure of its Series C funding round, raising an additional Rs 200 crore. Internal investors, including British International Investment, the UK’s development finance institution and impact investor, Blume Venture, and new investor Piramal Alternatives India Access Fund, led this round's fresh infusion of funds. The company has raised Rs 570 crore in total from investors in Series C.
In FY24, the company reportedly sold 3700 vehicles and expanded its presence from 5 to 22 cities, establishing a strong foothold in the market. Euler Motors will utilise the fresh infusion of capital to further scale its pan-India presence and servicing infrastructure and establish a presence in 40+ cities by FY25. Additionally, it will fuel the company's strategic initiatives aimed at driving product development, bringing new variants, enhancing technological capabilities, and accelerating R&D efforts.
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Saurav Kumar, founder and CEO of Euler Motors, said, This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share. With this momentum, we're ready to accelerate our growth trajectory and lead the transition to commercial EVs in India.”
Abhinav Sinha, Managing Director and Head of Technology and Telecoms at British International Investment, said, “This sector of commercial cargo transportation carries considerable significance, not only in terms of job creation but also in terms of reducing emissions and supporting India’s clean energy transition.”
The HiLoad EV of Euler Motors is India's most powerful electric cargo three-wheeler, with a 170 km ARAI-certified range (Real Range TM 110–120 km) and a payload capacity of 688 kg, along with a proprietary liquid-cooled battery and an inbuilt fast charging feature, as per the company. Till now, Euler Motors has raised an amount of Rs 770 crore.
