IBEF: May 27, 2020
Euler Motors, an automotive technology start-up focussing on commercial electric vehicles (EVs), has raised Rs 20 crore (US$ 284 million) as a part of its ongoing Series A funding led by the Inventus Capital India.
The round also saw participation from other investors including Blume Ventures, Singapore-based Jetty Ventures India Investments and Udaan co-founder Mr Sujeet Kumar. With this investment, Euler Motors has so far raised more than Rs 35 crore (US$ 4.97 million).
“The Series A funds will be primarily used for hiring talents, R&D and launching our vehicles across the Indian key cities with a focus on localisation of the supply chain,” Mr Saurav Kumar, founder and CEO of Euler Motors, said.
The company plans to utilise these funds to enhance its product and technology and scale its network of charging and service stations across India. The company intends to launch its three-wheeler EV for commercial logistics by the end of this year.
“For India to unlock the next wave of growth in electric mobility, it is essential to drive the adoption in the commercial vehicle segment with superior electrical vehicles and infrastructure. Euler Motors is an early front-runner in the space and is well-positioned to build the EV ecosystem,” Mr Rutvik Doshi, Managing Director of Inventus Capital India, said.
Euler Motors has previously raised Rs 15 crore (US$ 2.13 million) as part of its pre-series A round from Blume Venture, US-based Emergent Ventures and Andrew Lee.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.