Euler Motors Raises USD 60 Million In Series-C Funding Led By GIC

Euler Motors, an electric commercial vehicle manufacturer, announced that it raised $60 million in its series C fundraise, which was led by GIC Singapore. The funding round also saw participation by Blume Ventures, Athera Venture Partners, QRG Holdings, ADB Ventures and Moglix. The company says that it will use the funding to scale up the manufacturing and supply chain along with focussing on product development and hire new talent across various functions. The company said, it will also invest in expanding its distribution network and brand building. Avendus Capital served as the advisor to Euler Motors on the transaction.

Also Read: Euler Motors To Deploy 1,000 HiLoad EVs In Partnerships With LetsTransport

With this, Euler Motors plans to expand its retail presence in 12 new markets by the end of this fiscal. Commenting on the fundraise, Saurav Kumar, Founder & CEO, Euler Motors said, “The time for electric mobility in India is now, and we aspire to be a leading player in the growing Indian electric commercial vehicle segment. Our vision is to not only develop 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.  

Also Read: Magenta, Euler Motors Join Hands To Deploy Over 1,000 HiLoad EVs

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”. Euler Motors was established in 2018 with a vision of building innovative and technologically superior electric vehicles for the commercial mobility segment. The company aims to support the global transition to electrification and contribute towards making mobility sustainable.

Last year, Euler Motors launched HiLoad EV, India’s most powerful electric cargo three-wheeler with industry-leading payload capacity of 688 kg, highest range at 151 km and a 12.4 kWh proprietary liquid cooled battery pack. HiLoad EV now has a strong and rapidly growing order book of 9000+ vehicles. Euler Motors has also established a robust charging infra with multiple charging options, customer centric servicing as well as financing services.