Euler Motors, an Indian manufacturer of electric commercial vehicles, has announced the closure of its Series C funding round, raising an additional INR 200 crore. The fresh investment was led by existing investors such as British International Investment, the UK’s development finance institution and impact investor, Blume Venture, and a new investor, Piramal Alternatives India Access Fund. With this latest round, Euler Motors has raised a total of INR 570 crore in its Series C funding.
In the fiscal year 2023-24, the company sold 3,700 electric vehicles and expanded its presence from 5 to 22 cities across India. Euler Motors plans to utilise the newly raised funds to further expand its pan-India presence and servicing infrastructure, with a goal of establishing a presence in over 40 cities by the fiscal year 2024-25. The funds will also be used for product development initiatives, introducing new variants, enhancing technological capabilities, and accelerating research and development efforts.
Saurav Kumar, the Founder and CEO of Euler Motors, stated that the company aims to establish itself as India’s leading electric commercial vehicle brand through its products and services. He expressed confidence that the fresh capital injection, combined with investor trust, will propel the company towards its goal of achieving double-digit market share and accelerate its growth trajectory in leading the transition to commercial electric vehicles in India.
Kalpesh Kikani, the CEO of Piramal Alternatives, expressed enthusiasm for the electric vehicle category and the last-mile mobility segment within the commercial and logistics category. He stated that Euler Motors’ strong technology and R&D capabilities contributed to the decision to participate in the funding round.
Abhinav Sinha, the Managing Director and Head of Technology and Telecoms at British International Investment, highlighted the significance of the commercial cargo transportation sector in terms of job creation and reducing emissions. He noted that supporting Euler Motors aligns with the organisation’s strategic objectives to foster sustainable and inclusive economic growth.
Euler Motors’ HiLoad EV is currently India’s most powerful electric cargo three-wheeler, with a 170 km ARAI-certified range, a payload capacity of 688 kg, a proprietary liquid-cooled battery, and an inbuilt fast charging feature. The company’s growth trajectory and commitment to serving the Indian market’s needs have positioned it as a player in the commercial electric vehicle landscape.
To date, Euler Motors has raised a total of INR 770 crore from investors, reflecting their confidence in the company’s potential and its role in driving the transition to electric commercial vehicles in India.