Euler Motors, a New Delhi-based electric vehicle (EV) manufacturer, has announced that it has raised ₹200 million (~$2.66 million) as part of its ongoing Series A funding led by Inventus Capital India, a Bengaluru-based venture capital firm.
The statement noted that Singapore-based Jetty Ventures India Investments, Udaan’s co-founder Sujeet Kumar, and Blume Ventures, also took part in the funding round.
The company said that it had raised over ₹350 million (~$4.66 million) so far along with the earlier funds it received through its pre-series A round where it raised ₹150 million (~$1.99 million) from Blume Ventures, U.S.-based Emergent Ventures, and Andrew Lee.
“The Series A funds will be primarily used for hiring talents, research, and development, and launching our (electric) vehicles across the Indian key cities with a focus on localization of the supply chain,” said Euler Motors Founder, Saurav Kumar.
“Euler Motors wants to accelerate the adoption of commercial electric vehicles by creating a full-stack ecosystem with Indian centric EVs, charging and service station networks,” he noted.
The company said that it also plans to use the funds to speed up its products and technology, as well as towards expanding its charging and service station network in the country. Further, it also plans to launch its three-wheeler EVs for commercial logistics by the end of 2020.
The company’s statement noted that Euler Motors already has a charging network with over 100 charging points in Delhi and the National Capital Region (NCR) that can support charging for over 200 vehicles at a time.
Euler Motors has a manufacturing facility for the production of light commercial EVs along with automotive-grade lithium-ion battery packs for intra-city logistics.
Several budding startups in the field of electric mobility have been getting the interest of investors.
Last year, Mercom reported that PURE EV, an Indian Institute of Technology (IIT) Hyderabad-incubated startup, raised an undisclosed amount of funding. The funding was expected to enhance the company’s operations and production capacity. PURE EV had said that it was in the process of launching a high-speed motorcycle with battery swapping in 2020.
Previously, Bengaluru-based startup Numocity Technologies also raised an undisclosed amount of funding from Ideaspring Capital, Rebright Partners, and ABB Technology Ventures (ATV). The early-stage startup is focused on providing end-to-end solutions for the electric mobility infrastructure in the country.
Nithin is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor’s Degree in Commerce from Loyola College, Chennai. More articles from Nithin.