Euler Motors, a manufacturer of commercial electric vehicles, has secured an additional Rs. 200 crore or $24 million in its Series C funding round. The investment was spearheaded by new investor Piramal Alternatives India Access Fund, with participation from existing investors British International Investment and Blume Ventures.

Euler Motors announced in a press release that it will utilize the new funds to expand its presence across India and enhance its servicing infrastructure in 40 cities by March 2025. Additionally, the Delhi-based company stated that it has successfully raised Rs. 570 crore ($68.6 million) in its series C round.

The company secured Rs. 120 crore which is equal to nearly around $14.5 million, in a prolonged Series C funding round jointly led by British International Investment and Blume Ventures in November of the previous year. Up to now, it has amassed Rs. 770 crore ($92 million). According to startup data intelligence platform TheKredible, Euler was valued at approximately $160 million in an extended Series C round in November 2023.

Euler Motors reported that their fleet of commercial electric vehicles successfully covered a distance exceeding 45 million kilometers. The HiLoad EV, their flagship model, stands out as the most robust electric cargo three-wheeler, boasting an impressive range of 170 kilometers.

During the fiscal year 2024, the company achieved remarkable sales figures, selling a total of 3,700 vehicles. Additionally, the EV startup Euler Motors significantly expanded its market reach, extending its presence from 5 to 22 cities.

During the financial year ending in March 2023, Euler reported revenue from operations amounting to Rs.61.53 crore, a significant increase from Rs.17.57 crore in FY22. According to TheKredible, the company's losses surged nearly fivefold to Rs.174.73 crore in FY23 compared to Rs.36.33 crore in the preceding year. These substantial losses may be attributed to Euler's investments in developing infrastructure and facilities.