Euler Motors secures INR 120 crore investment in series-C extension round

Euler Motors, an electric vehicle company, recently raised INR 120 Crore in its series-C extension round. Last year, the company had raised USD 60 million in its series C fundraise, led by GIC Singapore. This round saw participation from British International Investment (BII) and Green Frontier Capital. Existing backers including Athera Venture Partners, ADB Ventures, Blume Ventures, Alteria Capital, GIC Singapore, and QRG Holdings also participated in this round. This extension round brings the total investments in Euler Motors to around INR 690 crores.

A company statement said that the capital raised will be used to drive the company’s nationwide expansion, with plans to enter 40 cities by the end of FY 2023-24. The funds will also be allocated to strengthen the service and charging network to encourage wider adoption of electric vehicles across India.

BII is a UK government-backed development finance institution, partnering with Blume Ventures to support the transition towards electric mobility and green energy in India. Whereas, Green Frontier Capital, is an investment firm in India focused on growth-oriented companies driving innovation in green industries.

Saurav Kumar, Founder & CEO of Euler Motors, said, “The interest and commitment from our new investors, British International Investment & Green Frontier Capital along with continued support from our internal investors reaffirms our belief that we are on the right path to becoming the number one commercial vehicle company in India. Their partnership comes at an important time in the world economy and will fuel our journey towards achieving our vision of leading the electric vehicle transformation in India.”

Manav Bansal, Managing Director and Head of India, British International Investment, said, “Climate finance is a key part of our Indian investment strategy. In total BII expects to invest $1 billion on climate finance in India between 2022 and 2026. We are delighted to work with Euler Motors on accelerating EV development in India, particularly in the commercial cargo transportation segment. This segment is important, both for job creations and emission reduction, which is in line with our strategic objectives to promote productive, sustainable and inclusive economic growth.”

Sandiip Bhammer, Managing Partner, Green Frontier Capital, said, “At Green Frontier Capital, we’re deeply committed to fostering a robust climate-tech ecosystem in India by investing in trailblazing companies which offer sustainable solutions with worldwide implications. Our investment in Euler Motors, facilitated by our collaboration with Saurav and his dynamic leadership team, signifies our profound faith in the transformative promise of sustainable technologies targeted from within the mobility sector. We envision Euler Motors’ position as a pre-eminent one in the Electric Commercial Vehicle OEM domain. Venturing into an industry primed for groundbreaking growth, we’re confident in the company’s superior product quality and its strategic market placement. As India (and the rest of the world) strides towards a more sustainable future, we anticipate Euler Motors will shine prominently among our portfolio of innovative leaders, all resonating with our collective aspirations and values.”

As per the company statement, since its establishment in 2018, Euler Motors’ commercial electric vehicles have collectively covered a distance of over 45 million kilometers. The company’s flagship product, HiLoad EV, a three-wheeled electric cargo vehicle equipped with a 13 kWh battery pack, an official range of 170 kilometers, and 30% higher payload capacity of 688 kilograms, all powered by a proprietary liquid-cooled battery.

Also Read: Euler Motors raises USD 60 million in series-C funding led by GIC Singapore