Euler Motors, an Indian electric vehicle (EV) manufacturer, announced on Sunday that it has raised Rs 120 crore to drive its next phase of business and charging newtwork.
With the newly acquired funds ,Euler Motors has set ambitious goals to extend its presence to 40 cities by the conclusion of FY24, as stated in its recent press release.
Expressing enthusiasm over the collaboration, Manav Bansal, the Managing Director and head of India at BII—the UK government’s development finance institution—highlighted the organization’s commitment to supporting the development of the EV sector in India, particularly in the domain of commercial cargo transportation.
Bansal further emphasized BII’s plan to channel investments worth $1 billion into climate tech in India from 2022 to 2026.
However, it is notable that Euler Motors faced internal restructuring earlier in April, resulting in a 10% reduction in its workforce. This decision came merely six months after the company had raised a substantial Series C funding round. Euler Motors defended the layoffs, stating that the move was aimed at enhancing overall efficiency and streamlining operations within the company.
Euler Motors sets ambitious growth targets
With the newly injected funds and strategic collaborations, Euler Motors appears determined to continue its trajectory towards establishing a prominent position within India’s rapidly evolving EV market, contributing to the country’s ambitious sustainability and climate goals.
The fund was raised from from two new investors—British International Investment (BII) and Green Frontier Capital. This influx of capital is part of Euler Motors‘ ongoing Series C extension round, with the participation of existing investors such as Athera Venture Partners, Blime Ventures, GIC Singapore, and ADB Ventures. The total sum raised in the Series C round now stands at an impressive Rs 690 crore.