Euler Motors, the automotive technology start-up focused on commercial Electric Vehicles (EVs) has raised ₹ 20 crore as a part of its ongoing Series A funding led by the Inventus Capital India. The other investors in this round of funding include Blume Ventures, Singapore based Jetty Ventures India Investments, and Udaan’s co-founder Sujeet Kumar. Earlier, as part of its pre-series A round, the company had raised ₹ 15 crore from Blume Venture, US based Emergent Ventures and Andrew Lee. With this series A, Euler Motors has so far raised more than ₹ 35 crore.
Talking about the Series A funding, Saurav Kumar, Founder & CEO, Euler Motors said, “We are grateful to our investors for showing confidence in us and our vision for Electric Vehicles. Euler Motors wants to accelerate the adoption of commercial electric vehicles by creating a full stack ecosystem with Indian centric EVs, charging and service station networks. The Series A funds will be primarily used for hiring talents, R&D and launching our vehicles across the Indian key cities with a focus on localization of the supply chain.”
Euler Motors has a dedicated manufacturing and R&D facility for production of light commercial EVs along with automotive-grade lithium-ion battery packs that could match the performance required for intra-city logistics in all-weather, temperatures and road conditions. In the last 18 months, companies like BigBasket, EcomExpress, Udaan have employed more than 200 prototype e-vehicles for their last-mile delivery. The company has also established a network of 100+ charging infrastructure in Delhi NCR for charging 200+ electric vehicles at any point.
Rutvik Doshi, Managing Director, Inventus Capital India said “For India to unlock the next wave of growth in Electric Mobility, it is essential to drive the adoption in the commercial vehicle segment with superior electrical vehicles & infrastructure. Euler Motors is an early front-runner in the space and is well-positioned to build the EV ecosystem. Saurav and the team have built an impressive product with a unique approach to making it work at scale. We're thrilled to have invested in such an innovative company.”
Euler Motors will utilize the funding to expedite its product and technology as well as scale its network of charging & service stations across India. The company plans to launch its 3-wheeler electric vehicle for commercial logistics by the end of this year.
"Blume Ventures has been associated with Euler Motors since early days. Our initial investment was on the promise of building world-class electric vehicles for Indian conditions. We are happy to see that the vehicle has become a dependable resource for last mile delivery companies. This, and upcoming models, inspire a lot of confidence in the ability of Saurav to execute in a very tough market like India. We believe their innovative business model brings down the total cost of ownership (TCO) and makes EVs accessible to many in Indian market.” said Arpit Agarwal, Principal at Blume Ventures.
Jetty Ventures and Sujeet Kumar have also contributed to this round, making their first investment in the Indian electric vehicle space.