Euler Motors raises Rs 120 crore in Series C extension round
The capital raised in this round will be deployed strategically to drive Euler Motors' pan-India expansion initiatives as it plans to enter 40 cities by the end of FY 2023-24.
Electric vehicle firm Euler Motors has secured Rs 120 crore in Series C extension round, bringing the total investment to Rs 570 crore. British International Investment (BII), Green Frontier participated in the capital raise, besides investment from existing investors Athera Venture Partners, ADB Ventures, Alteria Capital, GIC Singapore, and QRG Holdings.
The capital raised in this round will be deployed strategically to drive Euler Motors' pan-India expansion initiatives as it plans to enter 40 cities by the end of FY 2023-24. The additional funds will also enable the company to reinforce its service and charging network nationwide to further facilitate the adoption of electric vehicles across the country.
Euler Motors is a growing company and is focused on building partnerships with like-minded visionaries who share its goal of promoting EV adoption. Over the next year, the company plans to raise funds as needed, to execute its plan to scale up production, presence and services, while setting sight towards the global market.
Saurav Kumar, Founder and CEO of Euler Motors, said, “The interest and commitment from our new investors, British International Investment and Green Frontier Capital along with continued support from our internal investors reaffirms our belief that we are on the right path to becoming the number one commercial vehicle company in India. Their partnership comes at an important time in the world economy and will fuel our journey towards achieving our vision of leading the electric vehicle transformation in India.”
Manav Bansal, Managing Director and Head of India, British International Investment, said, “Climate finance is a key part of our Indian investment strategy. In total BII expects to invest $1 billion on climate finance in India between 2022 and 2026. We are delighted to work with Euler Motors on accelerating EV development in India, particularly in the commercial cargo transportation segment. This segment is important, both for job creations and emission reduction, which is in line with our strategic objectives to promote productive, sustainable and inclusive economic growth.”
Sandiip Bhammer, Managing Partner, Green Frontier Capital, said, “We envision Euler Motors’ position as a pre-eminent one in the Electric Commercial Vehicle OEM domain. Venturing into an industry primed for groundbreaking growth, we're confident in the company’s superior product quality and its strategic market placement. As India (and the rest of the world) strides towards a more sustainable future, we anticipate Euler Motors will shine prominently among our portfolio of innovative leaders, all resonating with our collective aspirations and values.”
Since its genesis in 2018, Euler Motors has been enabling sustainable mobility, with its commercial electric vehicles having collectively transported goods over 45 million kilometres. Throughout economic challenges, the company has maintained its focus on sustainable growth, drawing the attention of global investors who acknowledge the immense potential of Euler Motors' HiLoad vehicle.
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