Delhi-based electric commercial vehicle start-up, Euler Motors has announced that the company has raised ₹ 30 crore in a fresh round of funding. The Series A round was led by existing investors - Inventus India and Jetty Ventures, along with Sujeet Kumar, co-founder Udaan. In addition, the firm raised capital from new investors Srinivas Anumolu and K Ganesh from Growth Story. The fresh funding will be used for the company's business expansion that includes setting up a new production facility, R&D activities and expansion of charging and service infrastructure. More details on the facility are yet to be revealed.
Speaking on the funding, Saurav Kumar - Founder and CEO, Euler Motors said, "Our vision is to make electric vehicles mainstream in India by building commercial vehicles that are at par with ICE vehicles in terms of quality & performance. The new investment has come at a time when the company has demonstrated extreme resilience during the pandemic and is now all set for the next phase of growth. I am delighted that our existing investors trust our vision and execution, and have chosen to continue to invest in Euler Motors. With their support and that of our suppliers and team, I am confident that we will gain momentum quickly following our upcoming launch, and over time, democratize the EV market."
Talking about the investment, Rutvik Doshi, MD - Inventus India said, "We are very excited and bullish on the prospects of electric vehicles in India. Recent advances in battery technology combined with favourable government policies will accelerate the adoption of EVs in this country. Euler Motors is uniquely positioned to take advantage of this transition to electric on the back of its reliable technology and help drive the adoption of electric vehicles in the light commercial segment."
Chirag Meswani, Managing Partner, Jetty Ventures, said, "Euler Motors is developing electric mobility solution, working closely with customer groups in live applications, and has demonstrated that it is possible to deliver world-class EV technology from India for Indian conditions. I believe they have chosen an evolutionary path that will help them emerge as a trusted brand in the light cargo mobility space. We are excited to partner with Saurav, Vani, Gaurav, and the growing Euler team."
With the fresh funding, Euler Motors has so far raised ₹ 50 crore as part of its Series A fundraiser, while the company has raised a total of ₹ 65 crore since inception. The investment comes at a point when the company is all set to introduce its first electric cargo three-wheeler in the second quarter of 2021. The company says it plans to expand its customer base to sectors like retail, FMCG, pharma and utility.
Euler has about 250 of its three-wheeler EVs used by e-commerce companies like BigBasket, EcomExpress and Udaan in Delhi-NCR for last-mile delivery. The e-three-wheelers have collectively covered over seven million kilometres and have completed five million deliveries, according to the company. It is now building a charging infrastructure with over 100 charging stations already in place that can charge up to 200 EVs in and around Delhi-NCR. The brand's expansion plan includes beginning operations in Bengaluru, Pune, Chennai, Mumbai and Kolkata next.