The manufacturer of electric three-wheeled commercial vehicles, Euler Motors, secured Rs 120 cr in an investment round led by Indian venture firm Green Frontier Capital and new financiers British International Investment, which is supported by the UK government.
Previous backers Blume Ventures, ADB Ventures, GIC Singapore, and Athera Venture Partners were also involved in the most recent fundraising round.
“The capital is much more important than the valuation at this stage for us, as we are chasing a certain scale. In the next few quarters, the company should reach a comfortable scale as well as be in much better shape,” founder and chief executive of Euler Motors, Saurav Kumar.
By the end of FY24, the company plans to grow from its existing 32 cities to 40 with the help of the cash raised. About ten of the company’s showrooms work like dealerships, but the bulk are self-owned and operated, Kumar told ET.
“We envision Euler Motors’ position as a pre-eminent one in the electric commercial vehicle OEM domain. Venturing into an industry primed for groundbreaking growth, we’re confident in the company’s superior product quality and its strategic market placement,” said Sandip Bhammer, managing partner at Green Frontier Capital.
About Euler Motors
In India, one of the top Original Equipment Manufacturers (OEM) of commercial electric vehicles (EVs) is Euler Motors. Euler Motors wants to lead the goods and passenger vehicle categories in India with a significant focus on technological innovation and the country of India.
At the Apollo CV Awards in 2021, Euler Motors took home the “EV of the Year” title. Euler Motors’ dedication to creating the greatest commercial EVs and a strong EV ecosystem in order to promote quicker EV adoption in India is demonstrated by this award.