New Delhi: Euler Motors, an electric vehicle company building commercial vehicles, has raised USD 60 million in its series-fundraise, led by GIC Singapore. Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures and Moglix participated in the funding round, the company said in a media release.
Euler Motors will use the funds to scale up its manufacturing and supply chain infrastructure, accelerate product development and augment talent across key functions in the organization. The company will also invest in expanding its distribution network and brand building while continuing to focus on its core values of innovation, performance, and design.
With this, Euler Motors plans to expand its retail presence in 12 new markets by the end of this fiscal.
Saurav Kumar, Founder & CEO, Euler Motors,said, “We aspire to be a leading player in the growing Indian electric commercial vehicle segment. Our vision is to develop not only industry leading products but also the ecosystem to support the EV transition. We are proud to welcome GIC, one of the world’s leading investors to our cap table. This investment will fuel our ambition to establish Euler Motors as a frontrunner to drive 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”.
Euler Motors was established in 2018 with a vision of building innovative and technologically superior electric vehicles for the commercial mobility segment. The company aims to support the global transition to electrification and contribute towards making mobility sustainable. The company has followed a full stack ecosystem approach towards making commercial EVs mainstream and enabling a seamless customer adoption. Euler Motors has built a strong market position backed by its differentiated electric innovation, cutting edge battery technology and service support that provide great value and increased earning capacity for its customers, the release said.
Last year, Euler Motors launched HiLoad EV, India’s most powerful electric cargo three-wheeler with industry-leading payload capacity of 688 kg, highest range at 151 km and a 12.4 kWh proprietary liquid cooled battery pack. HiLoad EV now has a strong and rapidly growing order book of 9000-plus vehicles. Euler Motors has also established a robust charging infra with multiple charging options, customer centric servicing as well as financing services.
Avendus Capital was the advisor to Euler Motors on the transaction, the company release said.
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