Euler Motors, a company specializing in electric three-wheeler commercial vehicles, recently announced that it secured a funding round of Rs 120 crore. This funding round featured new investors, including the British International Investment, backed by the UK government, and the Indian venture firm Green Frontier Capital. Although the exact valuation for this round was not disclosed, Saurav Kumar, the founder and CEO, revealed that it was lower than the previous fundraising round, which is commonly referred to as a "down round" in the startup industry. In October 2022, the company had previously raised funds and was valued at around $200-250 million, as reported by news sources and Tracxn.

Kumar emphasized that, at this stage, securing capital is of greater significance to us than the company's valuation, as we are actively pursuing a specific level of growth. Over the upcoming quarters, we anticipate the company to achieve a more favorable scale and significantly enhance its overall condition. Additionally, the recent funding round involved current investors, including Athera Venture Partners, ADB Ventures, Blume Ventures, and GIC Singapore, among others.

The recent funding brings the total investments in the company to approximately Rs 690 crore, as stated in their announcement. Euler Motors is currently on track for an annual revenue of around Rs 200 crore for the fiscal year 2024. Sandip Bhammer, the Managing Partner at Green Frontier Capital, expressed confidence in Euler Motors leading position in the electric commercial vehicle OEM sector. He believes that the company's exceptional product quality and strategic market positioning make it well-suited for the industry's remarkable growth.