Euler Motors, an electric vehicle company which launched the HiLoad e-cargo three-wheeler in October 2021, has commenced its retail deliveries and now plans to close the current financial year with revenue of Rs 20 crore.
The company is also planning to expand its presence in 12 new markets in the next fiscal including delivery hubs like Bangalore, Chennai, Chandigarh, Jaipur, Hyderabad and Kolkata among others. The deliveries is scheduled to happen over the next 18 months and the company aims to capture around 20% market share by 2025.
The start-up has also announced an ambitious target to achieve Rs 300 crore revenue by end-FY2023 and deploy 8,500 units of HiLoad on road.
Euler Motors recently announced an outlay of Rs 200 crore towards capex and increasing production to 35,000 units per annum. These investments will come via the ongoing series B and debt fundraise in this fiscal. The company plans to raise $50 million (Rs 380 crore) in 2022.
It counts the likes of Flipkart, BigBasket, Udaan and MoEVing among its customers. Till date, the company has raised $21.6 million (Rs 150 crore) till date. For this year, the company plans to develop state-of-the-art manufacturing in Delhi-NCR and have seamless operations.