New Delhi-based electric vehicle (EV) maker Euler Motors announced that it had raised an additional $2.6 million in Series A funding from ADB Ventures – the venture investing arm of the Asian Development Bank – and Blume Ventures.

The company noted this was the first investment by ADB Ventures in an EV company globally. This round followed a $4 million capital infusion by its existing investors – Inventus Capital and Jetty Ventures a little earlier. The EV maker closed the current round of funding with total funding of $9.5 million.

Euler said it had raised a total of $11.6 million since 2018. It added that the new funds would be used to launch its upcoming electric three-wheeler cargo vehicle this year. The funds will also be used to expand its market reach in Bangalore, Kolkata, Ahmedabad, Pune, and the National Capital Region.

“Euler Motors has positioned itself to capitalize on tailwinds including falling battery prices, policies favoring a transition to electric vehicles, and increasing demand for last-mile delivery solutions. It’s a great example of a company that has the right tech and business model at the right place and time,” said Daniel Hersson, Senior Fund Manager, ADB Ventures.

The company’s investors now include ADB Ventures, Blume Ventures, Inventus Capital, Jetty Ventures, US-based Emergent Ventures, Andrew Lee, Sujeet Kumar, Cofounder, Udaan, and Srinivas Anumolu, and K Ganesh from Growth Story.

Earlier in March, Euler Motors raised ₹300 million (~$4.1 million) as a part of its ongoing Series A round led by Inventus India, Jetty Ventures, and Sujeet Kumar, Co-founder of Udaan. It said it plans to use these funds for a new production facility, research, and development and expand its charging and servicing infrastructure.

In December, Mercom talked to Euler Motors to understand the industry from their perspective – their challenges in 2020, goals, and outlook for the next year. Read the edited excerpts of Mercom’s conversation with Saurav Kumar, Founder & CEO of Euler Motors here.