GIC leads $60-million funding in EV startup Euler Motors

Electric vehicle (EV) startup Euler Motors has raised $60 million in funding led by Singapore’s sovereign wealth fund GIC, the company said in a statement. Moglix, a business-to-business ecommerce firm for industrial products, Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, and ADB Ventures also participated.

Euler builds three-wheeler commercial vehicles for its partner companies to use for their logistics requirements. The company said it will use the funds to scale up its manufacturing and supply chain infrastructure, accelerate product development and augment talent across key functions in the organisation. It is looking to increase its retail presence in 12 markets by the end of this financial year.

“This investment will fuel our ambition to establish Euler Motors as a frontrunner in driving electrification of commercial mobility in India by scaling our manufacturing capacity, expanding distribution footprint and strengthening the team to deliver experiences to our customers,” said Saurav Kumar, founder and chief executive officer of Euler Motors. Kumar had previously started Cube26, which was later acquired by Paytm.

According to the company, its HiLoad EV vehicle has a growing order book of over 9,000 vehicles. It has also established a charging infra with multiple charging options, customer-centric servicing as well as financing services, the company said.