Euler Motors, an automotive technology OEM focused on electric commercial vehicles (EVs) has raised Rs 30 crore as a part of its ongoing Series A round, led by existing investors, Inventus India and Jetty Ventures. Existing investor Sujeet Kumar, Co-founder, Udaan also participated in this round, along with new investors Srinivas Anumolu and K Ganesh from Growth Story.
The company plans to use these funds for a new production facility, R&D activities, and expansion of charging and servicing infrastructure. Till date, it has raised Rs 50 crore in its series A fundraise and nearly Rs 65 crore since inception.
Saurav Kumar, founder and 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. I am delighted that our existing investors trust our vision and execution; and have chosen to continue to invest in Euler Motors. With their support and that of our suppliers and team, I am confident that we will gain momentum quickly following our upcoming launch, and over time, democratise the EV market.”
The company says the investment is significant as it comes at a point when it is gearing up to launch its first electric cargo three-wheeler in Q2 2021 and expand to new markets in the country. It plans to expand its customer base in sectors like retail, FMCG, pharma, and utility. Euler Motors will also strengthen its supply chain in India by investing in technology and working closely with vendors to achieve high levels of localisation of EV manufacturing in India.
Rutvik Doshi, MD, Inventus India said, “We are very excited and bullish on the prospects of electric vehicles in India. Recent advances in battery technology combined with favourable government policies will accelerate the adoption of EVs in this country. Euler Motors is uniquely positioned to take advantage of this transition to electric on the back of its reliable technology and help drive adoption of electric vehicles in the light commercial segment.”
Chirag Meswani, managing partner, Jetty Ventures said, “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.”
At present, around 250 Euler Motors electric three-wheelers are used by e-commerce companies such as BigBasket, EcomExpress and Udaan in Delhi-NCR for their last mile delivery requirements. The vehicles have collectively covered over 7 million kilometers and completed over 5 million deliveries and have contributed to tailpipe emission reductions by over 2 million tonnes. The company has already invested in building the necessary infrastructure to support on road operations in Delhi NCR. A network of over 100 charging stations has already been set up in the region, that are collectively capable of charging more than 200 electric vehicles at any given point. The company soon plans to widen its operations footprint to Bangalore, Pune, Chennai, Mumbai and Kolkata.