Euler Motors Raises Rs.120 Crore; Total Investment Reaches Rs. 690 Cr. Till Now
Euler Motors, an electric commercial vehicle manufacturing startup, has raised Rs. 120 crore in the ongoing series-C extension round. The round sees a commitment from British International Investment (BII), the UK Government’s development finance institution and impact investor. BII is co-investing with Blume Ventures, in support of electric mobility and the green energy transition in India. Green Frontier Capital, has also invested in the company. The existing investors are Athera Venture Partners, ADB Ventures, Blume Ventures, Alteria Capital, GIC Singapore, and QRG Holdings
The extension round takes the tally of total investments to about Rs. 690 crores. The company stated in a press release that the capital raised in this round will be deployed to drive Euler Motors' pan-India expansion initiatives as it plans to enter 40 cities by the end of FY 2023-24. The additional funds will also enable the company to reinforce its service and charging network nationwide.
Over the next year, the company plans to raise funds as needed, to execute its plan to scale up production, presence and services, while setting sight towards the global market.
Saurav Kumar, Founder & CEO of Euler Motors, said, “The interest and commitment from our new investors, British International Investment & Green Frontier Capital along with continued support from our internal investors reaffirms our belief that we are on the right path to becoming the number one commercial vehicle company in India.”
Since its genesis in 2018, Euler Motors has collectively transported goods over 45 million kilometers.
