Euler Motors raises INR 200 crore in Series C Funding

Euler Motors has successfully closed its Series C funding round, raising an additional INR 200 crore. The funding round was led by new investor Piramal Alternatives India Access Fund and existing investors British International Investment along with Blume Ventures. The new round of funding takes the total amount raised in Series C now stands at INR 570 crore. Till date, Euler Motors has successfully raised a total of INR 770 crore.

In the fiscal year 2024, Euler Motors sold 3,700 vehicles and expanded its operations from 5 cities to 22 cities, establishing a robust market presence. The funds will also support strategic initiatives to drive product development, introduce new variants, enhance technological capabilities, and accelerate R&D efforts.

Saurav Kumar, Founder & CEO of Euler Motors, mentioned “This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share. With this momentum, we're ready to accelerate our growth trajectory and lead the transition to commercial EVs in India.”

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Kalpesh Kikani, CEO of Piramal Alternatives, added “We remain enthused both by the wider EV category itself as well as our chosen sub-segment in terms of last-mile mobility within the commercial/logistics category and Euler Motor’s relative positioning on the back of its strong technology and R&D capability. This is also the first direct co-investment from the recently launched Piramal Alternatives India Access Fund (Fund of Funds); which enables investor access to a well-diversified portfolio of both best-in-class Funds as well as specially curated co-investments across the high growth Indian private equity and late-stage venture capital space.”

Euler Motors has showcased notable growth and commitment to serving the Indian market. Its HiLoad EV electric cargo three-wheeler boasts a 170 km ARAI-certified range and a payload capacity of 688 kg. The vehicle also features a proprietary liquid-cooled battery and an inbuilt fast-charging feature, further cementing its position in the market.