Euler Motors Raises INR 200 Crore in Series C Funding Round
May 30, 2024, 9:34 am
Location: India, Karnataka, Bengaluru
Employees: 51-200
Founded date: 2018
Total raised: $84M
Euler Motors, a commercial electric vehicle manufacturer, has secured an additional INR 200 crore in its Series C funding round. The funding was led by Piramal Alternatives India Access Fund, along with existing investors British International Investment and Blume Ventures. This fresh capital injection will be used to expand the company's presence across India and enhance its servicing infrastructure in 40 cities by March 2025. Euler Motors aims to solidify its position as a leader in the commercial EV sector and drive the transition to electric vehicles in India.
The company's flagship product, the HiLoad EV, has proven to be a powerful electric cargo three-wheeler, with a range of 170 kilometers. In the last financial year, Euler Motors sold 3,700 vehicles and expanded its reach from 5 to 22 cities. Despite facing challenges in the funding environment, Euler Motors remains committed to its growth trajectory and strategic initiatives.
While the company experienced a significant increase in revenue from operations in FY24, it also reported higher losses due to investments in infrastructure and facilities. However, Euler Motors remains optimistic about the future of electric three-wheelers and continues to innovate in the space. Competing with established players like Mahindra Electric and Tata, Euler Motors is focused on creating sustainable and efficient solutions for last-mile mobility in the commercial sector.
With the support of investors like Piramal Alternatives and British International Investment, Euler Motors is well-positioned to drive innovation, expand its market share, and lead the charge towards a cleaner and greener future for commercial transportation in India.
The company's flagship product, the HiLoad EV, has proven to be a powerful electric cargo three-wheeler, with a range of 170 kilometers. In the last financial year, Euler Motors sold 3,700 vehicles and expanded its reach from 5 to 22 cities. Despite facing challenges in the funding environment, Euler Motors remains committed to its growth trajectory and strategic initiatives.
While the company experienced a significant increase in revenue from operations in FY24, it also reported higher losses due to investments in infrastructure and facilities. However, Euler Motors remains optimistic about the future of electric three-wheelers and continues to innovate in the space. Competing with established players like Mahindra Electric and Tata, Euler Motors is focused on creating sustainable and efficient solutions for last-mile mobility in the commercial sector.
With the support of investors like Piramal Alternatives and British International Investment, Euler Motors is well-positioned to drive innovation, expand its market share, and lead the charge towards a cleaner and greener future for commercial transportation in India.