[Funding News] Euler Motors Secures $24 Mn Funding Led by Piramal Alternatives

Euler Motors, a maker of commercial electric vehicles, has raised an additional Rs 200 crore ($24 million) in a Series C financing led by new investor Piramal Alternatives India Access Fund.

The fundraising tranche also included participation from Blume Ventures and British International Investment, two current investors.

With the additional funds, Euler Motors plans to expand its footprint throughout India and improve its maintenance facilities in 40 locations. The company states that it has grown from 5 to 22 cities and sold 3,700 vehicles.

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Euler Motors reports that over 45 million kilometers were covered by its commercial electric vehicles in terms of cargo transportation. The HiLoad EV, the company’s flagship model, has a 170-kilometer range, making it the most powerful electric cargo three-wheeler.

Like many companies, Euler laid off 10% to save expenses and get through a difficult fundraising climate. In November of last year, the company completed an expanded Series C round co-led by Blume Ventures and British International Investment that raised Rs 120 crore, or roughly $14.5 million. To date, it has raised Rs 770 crore, or $92 million.

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