Commercial EV-maker Euler Motors raises Rs 120 cr in funding round

Commercial electric vehicle maker Euler Motors on Monday said it has raised Rs 120 crore in a funding round from a bunch of investors.

The ongoing series-C extension round saw commitment from British International Investment (BII), the UK government’s development finance institution and impact investor, which is co-investing with Blume Ventures in the company, Euler Motors said in a statement.

The company said it has also onboarded Green Frontier Capital, India’s first investment firm focused on growth companies as part of this fundraising round along with existing investors, it said.

The freshly raised capital from the ongoing series-C extension round will be deployed strategically to drive Euler Motors’ pan-India expansion initiatives, as it plans to enter 40 cities by the end of FY 2023-24, the company said in a statement.

The extension round takes the tally of total investments to about Rs 690 crore, it said.

“Euler Motors successfully raised Rs 120-crore in the ongoing series-C extension round,” the company said in the statement.

The additional funds, it said, will also enable the company to reinforce its service and charging network nationwide to further facilitate the adoption of electric vehicles across the country, it 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,” said Saurav Kumar, Founder & CEO of Euler Motors.

Moreover, existing investors Athera Venture Partners, Alteria Capital, ADB Ventures, Blume Ventures, GIC Singapore, and QRG Holdings, also participated in this round, it stated.

Euler Motors said over the next year, it plans to raise funds as needed, to execute its plan to scale-up production, presence and services, while setting sight towards the global market.

“We are delighted to work with Euler Motors on accelerating EV development in India, particularly in the commercial cargo transportation segment,” said Manav Bansal, Managing Director and Head of India at British International Investment.

“This (commercial cargo transportation) segment is important, both for job creations and emission reduction. It is perfectly in line with our strategic objectives to promote productive, sustainable and inclusive economic growth,” he added.

According to Sandiip Bhammer, Managing Partner, Green Frontier Capital, the “investment in Euler Motors signifies our profound faith in the transformative promise of sustainable technologies targeted from within the mobility sector.