EV Maker Euler Motors Raises Rs 200 crore

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The manufacturer of commercial electric vehicles, Euler Motors, announced that it has closed its Series C round, having raised approximately Rs 200 crore. The business had previously obtained over $60 million in new financing in October 2022 and approximately $14.5 million in November 2023.

This round’s investors include Blume Ventures, a domestic venture capital firm, the UK’s British International Investment (BIl), and Piramal Alternatives, a new fund management division of the Piramal Group. An official statement from the EV manufacturer Euler Motors states that the Series C round has raised a total of Rs 570 crore.

Euler Motors said it will use the funds to further scale and service infrastructure in the country. It aims to be present in over 40 cities by the end of the 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.

According to a report by Bain and Company and the Indian Venture and Alternate Capital Association, EV penetration in private equity and venture capital (PE-VC) is projected to rise from 6% in 2023 to 40% by 2030. The report highlighted that 2023 followed the trend observed in the second half of 2022, with a reduction in activity in Indian PE-VC deals. Activity decreased by 35%, from $62 billion in 2022 to $39 billion in 2023, returning to pre-Covid-19 levels.