INR 30 Crore raised by Automotive Tech OEM Euler Motors
Sujith Kumar, existing investor and co founder of Udaan and new investor Srinivas Anumolu and K Ganesh from Growth Story also took part in this round.
Founded in 2018, Euler Motors focuses on sustainable last mile transport. The New Delhi headquartered startup plans to use the funds for the development of a new production facility, R&D activities, and expansion of charging & servicing infrastructure. Along with Rs.50 Crore raised in series A round, the company has raised a total of Rs.65 Crore since its inception.
Saurav Kumar, Founder & CEO, Euler Motors, said, “Our vision is to make electric vehicles mainstream in India by building commercial vehicles that are at par with ICE vehicles in terms of quality and performance. 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.”
The company is gearing up for the launch of its first electric cargo three-wheeler in Q2 2021, which makes the investment more significant. The capital raised will also help the company to expand to various markets in the country. Euler Motors is looking forward to expand its base in retail, FMCG, pharma and utility sectors.
“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 that will help them emerge as a trusted brand in the light cargo mobility space. We are excited to partner with Saurav, Vani, Gaurav, and the growing Euler team,” said, Chirag Meswani, Managing Partner, Jetty Ventures.