In its series C fundraise, led by GIC Singapore, electric vehicle manufacturer Euler Motors has raised USD 60 million. Participating in the fundraising round were Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures, and Moglix.
The funds will be used by Euler Motors to expand its production and supply chain infrastructure, speed up product development, and hire more people for crucial roles inside the company. While maintaining a focus on its basic values of innovation, performance, and design, the company will also invest in growing its distribution network and promoting its brand.
Euler Motors was founded in 2018 by Saurav Kumar to manufacture revolutionary electric vehicles for commercial mobility. The company aspires to promote worldwide electrification and sustainable mobility.
Saurav Kumar, Founder & CEO, Euler Motors, said, “We aspire to be a leading player in the growing Indian electric commercial vehicle segment. Our vision is to develop not only industry leading products but also the ecosystem to support the EV transition. We are proud to welcome GIC, one of the world’s leading investors to our cap table. This investment will fuel our ambition to establish Euler Motors as a frontrunner to drive electrification of commercial mobility in India by scaling our manufacturing capacity, expanding distribution footprint and strengthening the team to deliver delightful experiences to our customers”.
The company pursued a full stack ecosystem approach to mainstream commercial EVs and smooth client acceptance. Euler Motors’ electric innovation, cutting-edge battery technology, and service support have helped it build a solid market position, according to a release.
HiLoad EV, India’s most potent electric cargo three-wheeler with an industry-leading payload capacity of 688 kg, greatest range of 151 km, and a 12.4 kWh unique liquid cooled battery pack, was introduced by Euler Motors last year. Currently, HiLoad EV has a solid order book of more than 9,000 vehicles that is expanding quickly. Additionally, Euler Motors has developed a strong charging infrastructure with a variety of charging alternatives, customer-focused support, and finance services, as per reported by ET Auto.com.
About Euler Motors
Euler Motors is a leading #OEM for commercial #EVs in #India. With a strong India commitment & technological innovation, we aspire to be a category leader for cargo and passenger vehicles in India.