News: Euler Motors Raises USD 60 Million In Funding

Leading and renowned commercial electric vehicle manufacturer, Euler Motors, has raised USD 60 million in funding as the brand is in the process of working towards ramping up production capacity and adding new vehicles to its current portfolio. 

GIC of Singapore led the startup’s Series C funding. Also, Blume Ventures, Athera Venture Partners, QRG, ADB Ventures and Moglix took part in the funding which values Euler Motors at $200 million. 

Saurav Kumar, Founder & CEO, of Euler Motors, mentioned, "We aspire to be a leading player in the growing Indian electric commercial vehicle segment. Our vision is to develop not only industry-leading products but also the ecosystem to support the EV transition. 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”.

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With this, Euler Motors plans to develop its presence in 12 new markets by the end of this fiscal.

Euler Motors was established back in 2018 with new revolutionising ideas and technologically advanced and superior electric automobiles for the industrial mobility sector. The company back then stated that its goal is to help the country move toward the electrification of its fleet in order to reach the bigger goal of attaining decarbonisation and also making mobility more sustainable. 

Further, the firm has adopted a superior ecosystem method in setting up industrial EVs as mainstream and enabling seamless EV adoption. We can state that Euler Motors has constructed a robust marketplace which is enhanced by its differentiated electrical innovation. With its battery expertise and service network, the company has further boosted its sales in the country.

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It was only last year, the brand launched the HiLoad EV, which is a fully electric, cargo haulage-based three-wheeled vehicle that comes with an industry-leading payload capacity of 688 kgs. The vehicle comes equipped with a 12.4 kWh proprietary liquid-cooled battery pack which offers a certified range of 151 km per single charge. 

Other than these, the brand has also established a charging infrastructure with a number of charging choices for its customers. 

Thus, this is the recent news regarding Euler Motors raising USD 60 million in funding.

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