Euler Motors Secures Rs 200 Crore in Series C Funding for expansion
Euler Motors Secures Rs 200 Crore in Series C Funding for expansion

Euler Motors Secures Rs 200 Crore in Series C Funding for expansion

May 29, 2024
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Saurav Kumar, founder and CEO, Euler Motors

Euler Motors, a manufacturer of electric three-wheeler commercial vehicles, has successfully concluded its Series C funding round by securing an additional Rs 200 crore from internal investors. This round saw participation from British International Investment, the UK’s development finance institution and impact investor, alongside Blume Ventures. The Piramal Alternatives India Access Fund led the fresh infusion of funds. With this latest capital injection, Euler Motors has raised a total of Rs 570 crore from investors in this series.

Commenting on the fundraising activity, Saurav Kumar, Founder and CEO, of Euler Motors said,

“We welcome the support of both existing and new investors. Our aim is to establish Euler Motors as India’s No. 1 electric commercial vehicle brand with our powerful products and best-in-class services. Over the past three years, we’ve demonstrated impressive growth, gained the confidence of customers, and created a heightened demand for our products. This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share. With this momentum, we’re ready to accelerate our growth trajectory and lead the transition to commercial EVs in India.”

“This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share. With this momentum, we’re ready to accelerate our growth trajectory and lead the transition to commercial EVs in India.” 

Expansion and Market Growth

The newly acquired capital will be instrumental in expanding Euler Motors’ nationwide presence and enhancing its service infrastructure. The company aims to establish operations in over 40 cities by FY25, reflecting its ambitious growth strategy. In FY24, Euler Motors achieved remarkable sales figures, with 3,700 vehicles sold, and expanded its footprint from five to 22 cities, thereby reinforcing its market position and competitive edge.

Strategic Allocation of Funds

A significant portion of the funds will be directed toward strategic initiatives that include advancing product development and introducing new vehicle variants. Additionally, Euler Motors plans to enhance its technological capabilities and expedite research and development efforts. These initiatives are pivotal to maintaining the company’s innovation trajectory and responding to evolving market demands.

Kalpesh Kikani, CEO of Piramal Alternatives, highlighted that this investment marks the first direct co-investment from the recently launched Piramal Alternatives India Access Fund, which aims to provide investors with access to a diverse portfolio of top-tier funds and curated co-investments in the high-growth Indian private equity and late-stage venture capital space.

Company Background and Previous Fundraising

Founded in 2018 in New Delhi, Euler Motors has steadily gained traction in the electric commercial vehicle market. To date, the company has raised a total of Rs 770 crore, demonstrating strong investor confidence and sustained financial growth. The previous fundraising round occurred in November 2023, underscoring the company’s continuous efforts to secure capital for its expansion and innovation objectives. The startup competes with the likes of Piaggio, Mahindra, and Altigreen Propulsion Labs. 

The post Euler Motors Secures Rs 200 Crore in Series C Funding for expansion appeared first on E-Vehicleinfo.

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