Euler Motors, a prominent player in the electric vehicle (EV) industry, has successfully secured ₹120 crore in its ongoing Series C funding round. This round saw investments from British International Investment (BII), the UK government’s development finance institution, and Green Frontier Capital. Additionally, existing investors, including Athera Venture Partners, ADB Ventures, Blume Ventures, Alteria Capital, GIC Singapore, and QRG Holdings, also participated, reinforcing the company’s growth prospects.
This funding round has significantly boosted Euler Motors’ financial standing, bringing its total funding to ₹690 crore to date. The funds will be instrumental in supporting the company’s expansion plans, which include an ambitious goal of entering 40 cities in India by April 2024. Euler Motors aims to establish a robust service and charging network across the country, with the intent to promote the adoption of electric vehicles in the Indian market.
Euler Motors has emphasized its intention to raise more funds in the coming year as needed, underscoring its commitment to scaling up production, expanding its market presence, and enhancing its services. The company is also eyeing global opportunities in the EV industry.
Manav Bansal, Managing Director and Head of India at British International Investment, highlighted the significance of climate finance as part of their investment strategy in India. He mentioned that BII plans to invest $1 billion in climate finance in India between 2022 and 2026. BII’s investment in the commercial-vehicle segment aligns with its strategic objectives of promoting sustainable and inclusive economic growth, as it has the potential to create jobs and reduce emissions.
Euler Motors, founded in 2018, is an electric vehicle manufacturer with a particular focus on commercial electric vehicles. The company’s flagship product, the HiLoad EV, features a 12.96 kWh battery pack, a range of 100-120 km, and a payload capacity of 688 kg. As the EV industry continues to gain momentum in India and worldwide, Euler Motors is poised to play a pivotal role in driving the transition to sustainable and environmentally friendly transportation solutions.