Delhi-headquartered EV company Euler Motors has raised USD 60 million in its series C fundraise, led by GIC Singapore. GIC is a global investment firm established in 1981. The funding round also saw participation by Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures and Moglix.
– Euler Motors will use the funds from this capital raise to scale up its manufacturing and supply chain infrastructure, accelerate product development and augment talent.
– The company will also invest in expanding its distribution network and brand building.
– Euler Motors plans to expand its retail presence in 12 new markets by the end of this fiscal.
Commenting on the fundraise, Saurav Kumar, Founder & CEO, Euler Motors, said, “We are proud to welcome GIC, one of the world’s leading investors, to our cap table. This investment will fuel our ambition to establish Euler Motors as a frontrunner to drive the electrification of commercial mobility in India by scaling our manufacturing capacity, expanding distribution footprint and strengthening the team to deliver delightful experiences to our customers”.
Euler Motors was established in 2018. Last year, Euler Motors launched HiLoad EV, an electric cargo three-wheeler with a payload capacity of 688 kg, range of 151 km and a 12.4 kWh liquid-cooled battery pack. HiLoad EV has an order book of 9000+ vehicles.
Avendus Capital was the advisor to Euler Motors on the transaction.
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