Euler Motors, a New Delhi-based electric vehicle (EV) manufacturer, has raised ₹300 million (~$4.1 million) as a part of its ongoing Series A round.
The funding was led by existing investors Inventus India, Jetty Ventures, and Sujeet Kumar, Co-founder, Udaan. New investors Srinivas Anumolu and K Ganesh from Growth Story also participated in the funding round.
Euler Motors plans to use these funds for a new production facility, research, and development, and expand its charging and servicing infrastructure.
The company has already invested in building the necessary infrastructure to support on-road operations in Delhi and the National Capital Region. A network of over 100 charging stations has already been set up in the region that is collectively capable of charging 200+ EVsat any given point. The company soon plans to extend its footprint to Bengaluru, Pune, Chennai, Mumbai, and Kolkata.
In May 2020, the company raised ₹200 million (~$2.66 million) as part of its Series A funding led by Bengaluru-based venture capital firm Inventus Capital India.
Euler Motors has thus far raised ₹500 million (~$6.8 million) in its Series A fundraise and another ₹650 million (~$8.9 million) since the company’s inception.
“The new investment has come at a time when the company has demonstrated extreme resilience during the pandemic and is now all set for the next phase of growth. I am delighted that our existing investors trust our vision and execution and have chosen to continue to invest in Euler Motors,” said Saurav Kumar, Founder, and CEO.
The timing of the investment is crucial as the company is gearing up to launch its first electric cargo three-wheeler in the second quarter of 2021 and expand to new markets in India.
In an interview with Mercom, Saurav Kumar had disclosed the company’s plans to launch their first electric cargo three-wheeler.
The EV manufacturer will also strengthen its supply chain in India by investing in technology and working closely with vendors to achieve high levels of localization of EV manufacturing.
Rutvik Doshi, Managing Director, Inventus India, said, “We are very excited and bullish on the prospects of Electric Vehicles in India. Recent advances in battery technology combined with favorable government policies will accelerate the adoption of EVs in this country. Euler Motors is uniquely positioned to take advantage of this transition to electric on the back of its reliable technology and help drive adoption of electric vehicles in the light commercial segment.”
Chirag Meswani, Managing Partner, Jetty Ventures, said, “Euler Motors is developing electric mobility solution, working closely with customer groups in live applications, and has demonstrated that it is possible to deliver world-class EV technology from India for Indian conditions. I believe they have chosen an evolutionary path to help them emerge as a trusted brand in the light cargo mobility space.”
Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. More articles from Rahul Nair.