Euler Motors Closes its ‘Series A’ Investment Round at $9.5 million

Delhi-based electric last-mile logistic solutions provider, Euler Motors has announced that it has closed its Series A funding round at USD 9.5 million, with additional investments of USD 2.6 million from ADB Ventures and Blume Ventures.

The investments were made by the ADB Ventures Equity Fund, which is ADB Ventures’ first investment fund in any EV firm. ABD is the venture investing arm of Asian Development Bank.

“ADB Ventures will spur high-impact cleantech, agritech, fintech, and healthtech innovations in developing Asia with its ecosystem building. Our vision is to crowd-in $1 billion of commercial investment towards the Sustainable Development Goals by 2030,” said ADB Vice-President Ashok Lavasa.

According to Euler, the new funds are going to be used for the launch of Euler Motors’ three-wheeler cargo vehicle L5 this year also, for supporting market expansion in India to cities like Bengaluru, Kolkata, Ahmedabad, Pune, and Delhi NCR.

Speaking of the investment, founder and CEO, Euler Motors, Saurav Kumar stated, “ADB Ventures’ investment in Euler Motors signals a growing market readiness for EVs in India. We are delighted and proud that ADB Ventures has chosen Euler Motors as its first investment in an EV company. We believe it is a testimony to our execution so far against our defined vision and the quality of our innovation.”

The additional investment was accompanied by Blume Ventures, which is India’s leading early-stage venture capital fund, focused on technology startups based primarily in India.

“Blume Ventures has been a continuous source of support to us in Series A. The renewed investment is incredibly valuable and gives us confidence that we are on the right path and reaffirms our belief that indigenous innovation from India will fast forward the market transition to electric mobility both in India and across the world,” Saurav commented.

This round follows a capital infusion of USD 4 million led by its existing investment raised earlier this month. Euler Motors raised Rs 30 crore from its existing and new investors as a part of its ongoing Series A round from investors Inventus India, Jetty Ventures, and Sujeet Kumar, Co-founder, Udaan.