Euler Motors Raises Rs. 200 Crore In Series C Funding Round

Euler Motors, an electric commercial vehicles manufacturing startup, has closed 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 crores in total from investors in Series C.

In FY24, the company sold 3,700 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 more than 40 cities by FY'25. 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.

Commenting on the fundraise, Saurav Kumar, Founder & CEO of Euler Motors, said, “Our aim is to establish Euler Motors as India's No. 1 electric commercial vehicle brand with our powerful products and best-in-class services. Over the past 3 years, we've demonstrated impressive growth, gained the confidence of customers, and created a heightened demand for our products. This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share.”

Till now, Euler Motors has raised an amount of Rs. 770 crore.