EV maker Euler Motors raises Rs 200 crore to expand transport

New Delhi: Electric vehicle (EV) maker Euler Motors on Wednesday said it has raised an additional Rs 200 crore to close its Series C funding round, taking the total funding raised in this round to Rs 570 crore.The company said it will use the fresh capital to expand its pan-India presence and servicing infrastructure and establish its presence in over 40 cities by FY25.It will also use the funding to further product development and enhance technological and R&D capabilities.”This fresh capital infusion along with the trust of our investors will take us further towards our goal of achieving double-digit market share,” Saurav Kumar, Founder and CEO, Euler Motors, said in a statement.

Existing investors including British International Investments, a UK-based development finance institution and impact investor, Blume Ventures and new investor Piramal Alternatives India Access Fund participated in the round. Kalpesh Kikani, CEO, Piramal Alternatives, said, “We are excited by Euler Motors’ relative position in the broader EV category as well as in the commercial/logistics category in terms of last-mile mobility, based on our chosen sub-segment and its strong technology and R&D capability.” In FY24, the company had 3,700 highload EVs across 22 cities. Euler Motors has raised a total funding of Rs 770 crore since its inception in 2018.