Source: Euler Motors website
Euler Motors has raised an additional $10 million led by the Delhi-based QRG Investments and Holdings today. Euler Motors also plans to further raise $50 million in its Series B round in the coming year.
The company plans to utilise these funds to scale up and strengthen its production capacity to deliver the strong order line up for its recently launched HiLoad EV and also prepare to cater to strong demand from the retail segment. With this, Euler Motors has raised a total of $21.6 million since inception in 2018.
The company already has a 2,500 order line up, which is expected to reach 4500 in the next one year. The funds will also be used to expand its presence in both North and South India markets in the next 2-3 quarters.
The company recently launched three-wheeler cargo, HiLoad EV in the cargo segment (including ICE).
Euler Motors has a network of 200+ charging stations in Delhi NCR to support electric vehicles on ground; it has now introduced multiple charging systems. These range from mobile ‘Charge on Wheels’ vehicles to advanced charging variants – such as fast chargers and home or on-board chargers.
“We are at a juncture where both Euler Motors and the EV industry are burgeoning with opportunity, and we want to create a market with our powerful products and ecosystem solutions to make EVs mainstream. We have made significant strides in building and validating our first electric commercial vehicle, HiLoad EV as well as broadening the charging & servicing ecosystem. The funding will allow us to further the development & expansion of our operations, and continue building our organization in all functions with the talent necessary to support our mission.” said Saurav Kumar, Founder and CEO, Euler Motors.
With deployments across customers such as BigBasket, Flipkart and Udaan, Euler Motors’ vehicles have completed over 10 million deliveries and helped reduce carbon emissions of over 2.2 million tonnes.