Euler Motors closes Series C funding round, raises additional INR 200 crores • EVreporter

Euler Motors, a manufacturer of electric commercial vehicles, announced the closure of its Series C funding round, raising an additional INR 200 crore. Existing investors, including British International Investment and Blume Ventures, along with new investor Piramal Alternatives India Access Fund, led this round’s fresh infusion of funds. The company has raised a total of INR 570 crore from investors in Series C. To date, Euler Motors has raised INR 770 crore.

In FY24, the company sold 3,700 vehicles and expanded its presence from 5 to 22 cities. Euler Motors will use the new capital to further scale its pan-India presence and servicing infrastructure, aiming to establish a presence in over 40 cities by FY25. Additionally, the funds will support the company’s initiatives in product development, introducing new variants, enhancing technological capabilities, and accelerating R&D efforts.

Commenting on the fundraise, Saurav Kumar, Founder & CEO, Euler Motors said, “We welcome the support of both existing and new investors. Our aim is to establish Euler Motors as India’s No. 1 electric commercial vehicle brand with our powerful products and best-in-class services. Over the past 3 years, we’ve demonstrated impressive growth, gained the confidence of customers, and created a heightened demand for our products. This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share. With this momentum, we’re ready to accelerate our growth trajectory and lead the transition to commercial EVs in India.”

Kalpesh Kikani, CEO, Piramal Alternatives said, “We are pleased to participate alongside other marquee investors in furthering Euler Motors’ leadership position within its target market segment. 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. This is also the first direct co–investment from the recently launched Piramal Alternatives India Access Fund (Fund of Funds); which enables investor access to a well-diversified portfolio of both best-in-class Funds as well as specially curated co investments across the high growth Indian private equity and late stage venture capital space.”

Abhinav Sinha, Managing Director and Head of Technology and Telecoms at British International Investment said, “We are pleased to continue our partnership with Euler Motors to drive forward the advancement of commercial cargo electric vehicles in India. This sector of commercial cargo transportation carries considerable 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.”

Euler Motors’ growth and focus on serving the Indian market’s needs have established its position in the commercial electric vehicle sector. The HiLoad EV from Euler Motors is an electric cargo three-wheeler with a 170 km ARAI-certified range (Real Range TM 110-120 km) and a payload capacity of 688 kg. It features a proprietary liquid-cooled battery and an inbuilt fast charging capability.

Also read: Euler Motors secures INR 120 crore investment in series C extension round