Electric vehicles startup Euler Motors has raised $5 Mn as a part of the Series B funding round from Moglix. The startup plans to close the current Series B funding round for approximately $60 million.
As per regulatory filings, the startup has issued 26,381 Series B3 CCPS with a face value of INR 100 per share and a premium of INR 14,086 per share at INR 37.42 Cr ($5 Mn) to Mogli Labs.
With this round, Euler Motors is estimated to be valued at $70 million. The EV startup has raised over $26 million so far.
New Delhi-based Euler Motors was founded in 2018 by Saurav Kumar, It manufactures a commercial three-wheeler electric vehicle.
It is reported that over 250 three-wheelers have been deployed in Big Basket, Ecom Express, and Udaan.
In addition, around 2,500 EVs have been ordered from Flipkart and Big Basket and it aims to sell around 5,000 EVs by the end of FY 2023.
Euler Motors founder and CEO Saurav Kumar said the $10 million round is part of a larger $60 million round that the startup is looking to raise for its Series B round.
Investors in this company include QRG Investments& Holdings, Inventus Capital India, Blume Ventures, ADB Ventures, and Jetty Ventures.
In November 2021, the startup had raised $10 Mn as a part of its Series B round from its existing investor QRG Holdings, in participation with ADB Ventures, Inventus Capital, and Blume Ventures.
In March 2021, it raised $2.6 Mn from Asia Development Bank (ADB) with participation from existing investor Blume Ventures.
Recently, Euler Motors has tied up with Magenta, an integrated clean energy and electric mobility solutions provider, to deploy 1000 HiLoad EVs, and 3wheeler cargo vehicles in India.
Euler Motors has already started retail deliveries for its HiLoad EVs and recorded the highest sales since February 2022. Moreover, the company has received excellent responses from retail customers and fleet owners, with a stable order line from this segment.
About Euler Motors
Euler Motors is focused on sustainable last-mile transport by accelerating the transition from internal combustion engines to new-age electric vehicles and becoming a category leader for cargo and passenger vehicles.
The world is going electric and Euler believes in democratising the revolution. Their innovative mobility solutions are custom-made for India. They aim to create superior alternatives to traditional mobility and eradicate barriers to the mass adoption of EVs in India.
Their road-ready, sustainable last-mile logistic solutions have already proved their mettle in e-commerce and 3PL businesses.