Commercial electric-vehicle maker Euler Motors, which raised nearly $60 million in fresh capital in October 2022 and about $14.5 million in November 2023 as a part of its Series C round, has secured another Rs 200 crore, closing the round, the company said on Wednesday.
The investors in this round include existing investors UK's development finance institution British International Investment (BII), domestic venture capital firm Blume Ventures and new investor Piramal Group's fund management arm Piramal Alternatives.
According to a company statement, the EV maker has raised a total of Rs 570 crore in whole Series C round.
Euler Motors said it will use the funds to further scale and servicing infrastructure in the country. It aims to be present in over 40 cities by the end of current FY.
"This fresh capital injection will propel us towards our goal of double-digit market share,” said Saurav Kumar, founder and chief executive of Euler Motors. "With this momentum, we're ready to accelerate our growth trajectory and lead the transition to commercial EVs in India."
Founded in 2018, Euler is an original equipment maker focused on commercial vehicles. It launched its flagship product HiLoad EV, an electric cargo three-wheeler with a payload capacity of 688 kg in 2021.
The company sold 3,700 vehicles and expanded its presence from 5 to 22 cities, in the last financial year.
"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," said Kalpesh Kikani, CEO, Piramal Alternatives. This is Piramal's first direct co-invest from its fund of funds India Access Fund.
The EV sector in India has seen numerous startups receive investor interest. This week, another EV startup Zypp Electric also raised $15 million, led by Japanese investor Eneos.
Earlier this month, electric mobility startup BluSmart raised $42 million in a bridge round. Previously, Australia's Macquarie Group launched an India-focused fund to back commercial electric mobility through financing, fleet management and charging infrastructure solutions.
In fact, BII, which is also an investor in Euler, has also backed Mahindra & Mahindra Ltd’s EV arm.
“This sector of commercial cargo transportation carries significance, not only in terms of job creation but also in terms of reducing emissions and supporting India’s clean energy transition. As the UK’s DFI, it aligns seamlessly with our strategic objectives to foster sustainable, and inclusive economic growth,”said Abhinav Sinha, managing director and head - technology and telecoms at British International Investment.
