Singapore sovereign wealth fund GIC Pte has led a $60-million Series C funding round in Indian electric vehicle maker Euler Motors, the company announced on Tuesday.
Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures, and New Delhi-based startup Moglix joined the round.
Euler Motors will use the funds to scale up its manufacturing and supply chain infrastructure, accelerate product development and augment talent across key functions.
The company will also invest in expanding its distribution network and brand building while continuing to focus on its core values of innovation, and performance, the statement added.
With this, Euler Motors plans to expand its retail presence in 12 new markets by the end of this fiscal.
“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 to deliver delightful experiences to our customers,” said Euler Motors founder and CEO Saurav Kumar.
The company raised about $4 million (Rs 30 crore) as part of its Series A funding round led by existing investors Inventus India and Jetty Ventures in March last year. In November, it raised $10 million as part of its Series B round led by QRG Investments and Holdings.
Last year, Euler Motors launched HiLoad EV in the three-wheeler cargo segment. Euler Motors aims to put 5,000 units on the road by FY23 and plans to expand to new markets such as Mumbai, Bangalore, Chennai, Hyderabad, and Pune, per a previous statement.