Euler Motors raised $60 million in a Series C funding to augment its manufacturing and supply chain infrastructure, bolster product development, and acquire talent across key functions.
The Delhi-headquartered company will also deploy the newly raised capital in widening its distribution network and brand building plans. Furthermore, it aims to expand its retail presence in 12 new markets by the end of this fiscal year.
“This investment will fuel our ambition to establish Euler Motors as a frontrunner to drive the electrification of commercial mobility in India by scaling our manufacturing capacity, expanding distribution footprint, and strengthening the team.” Saurav Kumar, Founder and CEO, Euler Motors, said.
Euler Motors claims an order book of 9,000 Vehicles
Established in 2018 with a focus on EVs for the commercial mobility segment, Euler Motors launched the HiLoad EV, a three-wheeler with a payload capacity of 688 kg, range of 151 km, and a 12.4 kWh proprietary liquid-cooled battery pack, last year. The EV startup has an order book of over 9,000 vehicles.
Euler Motors, has established a robust charging infra with multiple charging options, customer-centric servicing, and financing services.
The EV segment in India has witnessed strong traction from the investor community with capital ploughed into vehicle manufacturers, battery infrastructure network providers, and the associated services.
The round led by GIC Singapore, also saw participation from Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures, and Moglix.
