Delhi based Euler Motors, an EV start-up focused on electric commercial vehicles, has raised an additional $10 Million led by Delhi based QRG Investments and Holdings. This marks the first investment by QRG Investments and Holdings in an EV brand in India. Existing investors Inventus Capital India, Blume Ventures, ADB Ventures, Jetty Ventures and Kailash Trust also participated in this fundraise.
With this, Euler Motors has raised a total of $21.6 million since its inception in 2018. The company plans to raise a further $50 Million in its Series B round in the coming year.
Notably, Euler Motors launched its electric L5N vehicle HiLoad EV in October 2021 and plans to utilize these funds to scale up its production capacity to deliver the order line up for HiLoad EV. The company also intends to cater to the demand from the retail segment.
According to a company statement, Euler already has a 2500 units order book for HiLoad EV, which is expected to reach 4500 in the next one year. The current model launched is available at a price of Rs. 3,49,999/ and pre-bookings are open across India.
As a EV fleet service provider, Euler Motors claims to have completed over 10 million deliveries with deployments for customers such as BigBasket, Flipkart and Udaan. Euler Motors also manages a network of 200+ charging stations in Delhi NCR to support electric vehicles on the ground.
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