EV manufacturing startup Euler Motors has raised around $5 Mn as a part of the Series B funding round from Moglix. It plans to close the current Series B funding round at around $60 Mn.
Euler Motors is a full-stack OEM building electric 3 & 4 wheelers, with a focus on commercial mobility and last-mile logistics
Euler Motors’ New Delhi-based starup investors include QRG Investments and Holdings, Inventus Capital India, Blume Ventures, ADB Ventures and Jetty Ventures.
As per the regulatory filings, Euler Motors has issued 26,381 Series B3 CCPS, with a face value of INR 100 per share and a premium of INR 14,086 per share amounting to INR 37.42 Cr ($5 Mn) to Mogli Labs.
Startup Euler Motors Draws Fresh Expansion Plans
Following this fundraising, Euler Motors is estimated to be worth $70 Mn (INR 530 Cr). The EV startup has raised more than $26 Mn to date.
Founded in 2018 by Saurav Kumar, Euler Motors manufactures commercial three-wheeler electric vehicles. It is reported to have deployed more than 250 three-wheeler EVs to BigBasket, Ecom Express and Udaan. Furthermore, It is reported to have received orders for nearly 2,500 EVs from Flipkart and BigBasket and aims to sell about 5,000 EVs by the end of FY23.
In FY20-21, Euler Motors’ revenue increased by 76% to INR 11.05 Cr from INR 6.28 Cr in FY20. Its expenditure increased by nearly 98% to INR 30.4 Cr in FY21 from INR 15.33 Cr in FY20.
The startup losses increased by 121% to INR 19.14 Cr in FY21 as compared to INR 8.66 Cr in the previous fiscal year (FY20).
