EV Manufacturer Euler Motors Raises INR 30 Crore From Its Investors

Delhi-based electric mobility solutions provider, Euler Motors has announced that it has raised Rs 30 crore from its existing and new investors as a part of its ongoing Series A round.

The company has raised the investment from existing investors Inventus India, Jetty Ventures, and Sujeet Kumar, Co-founder, Udaan. Additionally, this round of investment has been accompanied by some new investors Srinivas Anumolu and K Ganesh from Growthstory, a platform that solves core problems, address basic needs and create millions of dollars for investors, shareholders, and employees.

With this round of investment, the company announced planning a new production facility, research and development (R&D) activities, and expansion of charging and servicing infrastructure.

Additionally, Euler Motors plans to launch its commercial three-wheeler using these funds in the Q2 (second quarter) of 2021, the company claims.

The company took to Twitter to announce their accomplishment, and the tweet reads, “Excited to announce that we’ve raised additional INR 30 Crore from our investors @InventusIndia & @Jetty_Ventures as part of Series A round. With this round of investment, we plan to launch our commercial three-wheeler in Q2 of 2021.”

Earlier in the Q1 of 2020, the company has raised Rs 20 Crores as part of this Series A fund. Interestingly, the electric vehicle (EV) manufacturer has deployed 100 charging stations and 200 EVs in the Q2 of 2019.

Speaking on their aim to intensify mass adoption of EVs in India, the CEO & founder of Euler Motors, Saurav Kumar stated, “Our vision is to make electric vehicles mainstream in India by building commercial vehicles that are at par with ICE vehicles in terms of quality and performance.”

“The new investment has come at a time when the company has demonstrated extreme resilience during the pandemic and is now all set for the next phase of growth,” Kumar commented on the new investment.

Euler Motors is all set to launch its new L5 EV range in Q1 of 2021 itself.