Euler Motors will utilise the fresh infusion of capital to scale its pan-India presence and servicing infrastructure and establish a presence in 40 plus cities by FY25.
29 May 2024 | 7732 Views | By Autocar Professional Bureau
Euler Motors, an electric commercial vehicle manufacturer, closed its Series C funding, raising an additional Rs 200 crore, bringing the total funding raised in this round to Rs 570 crore. Internal investors including British International Investment, the UK’s development finance institution and impact investor, Blume Ventures and new investor Piramal ...
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Euler Motors, an electric commercial vehicle manufacturer, closed its Series C funding, raising an additional Rs 200 crore, bringing the total funding raised in this round to Rs 570 crore. Internal investors including British International Investment, the UK’s development finance institution and impact investor, Blume Ventures and new investor Piramal Alternatives India Access Fund participated in this capital raise.
In FY24, the company sold 3700 vehicles and expanded its presence from 5 to 22 cities, establishing a strong foothold in the market, the press release noted. Euler Motors will utilise the fresh infusion of capital to scale its pan-India presence and servicing infrastructure and establish a presence in 40 plus cities by FY25. The funding will also be used for product development, and augmenting technological and R&D capabilities.
Saurav Kumar, Founder and CEO, Euler Motors said, "This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share. With this momentum, we're ready to accelerate our growth trajectory and lead the transition to commercial EVs in India."
Kalpesh Kikani, CEO, Piramal Alternatives said, "We remain enthused both by the wider EV category itself as well as our chosen sub-segment in terms of last mile mobility within the commercial / logistics category and Euler Motor’s relative positioning on the back of its strong technology and R&D capability."
This is also the first direct co-investment from the recently launched Piramal Alternatives India Access Fund (Fund of Funds); which enables investor access to a well-diversified portfolio of both best-in-class Funds as well as specially curated co-investments across the high growth Indian private equity and late stage venture capital space.
To date, Euler Motors has successfully raised Rs 770 crore in funding.