Euler Motors raises USD 60 million in series-C funding led by GIC
Date: 04 Oct 2022
Motors, an electric vehicle company building commercial vehicles has raised USD
60 million in its series C fundraise, led by GIC Singapore. The funding round
also saw participation by Blume Ventures, Athera Venture Partners (formerly
Inventus India), QRG Holdings, ADB Ventures and Moglix. Avendus Capital was the
advisor to Euler Motors on the transaction.
Motors will use the funds from this capital raise to scale up its manufacturing
and supply chain infrastructure, accelerate product development and augment
talent across key functions in the organization. The company will also invest
in expanding its distribution network and brand building while continuing to
focus on its core values of innovation, performance, and design. With this,
Euler Motors plans to expand its retail presence in 12 new markets by the end
of this fiscal.
on the fundraise, Saurav Kumar, Founder & CEO, Euler Motors said, “The time
for electric mobility in India is now, and we aspire to be a leading player in
the growing Indian electric commercial vehicle segment. Our vision is to not
only develop 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 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”.
Motors was established in 2018 with a vision of building innovative and
technologically superior electric vehicles for the commercial mobility segment.
The company aims to support the global transition to electrification and
contribute towards making mobility sustainable. The company has followed a full
stack ecosystem approach towards making commercial EVs mainstream and enabling
a seamless customer adoption. Euler Motors has built a strong market position
backed by its differentiated electric innovation, cutting edge battery
technology and service support that provide great value and increased earning
capacity for its customers.
year, Euler Motors launched HiLoad EV, India’s most powerful electric cargo
three-wheeler with industry-leading payload capacity of 688 kg, highest range
at 151 km and a 12.4 kWh proprietary liquid cooled battery pack. HiLoad EV now
has a strong and rapidly growing order book of 9000+ vehicles. Euler Motors has
also established a robust charging infra with multiple charging options,
customer centric servicing as well as financing services.