Founded in 2018 by Saurav Kumar, Euler Motors has raised $60 million in Series C funding led by Singapore’s sovereign wealth fund GIC. Firms like Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures and Moglix have also participated in the funding round. GIC has acquired a 14.83% stake in the company by investing close to $23 million.
With the raised funds, Euler plans to set up a 12-acre plant with a capacity of manufacturing 3.6 lakhs units per annum. The funds will also scale up Euler’s supply chain infrastructure, accelerate product development, and hire more workforce.
The startup is also planning to expand its current retail market from Delhi, Bengaluru, Chennai and Hyderabad to 12 more cities by the end of this fiscal year. Also, it aims to invest more to expand its distribution network and in brand-building exercises. With the investment, Euler aims to be at the forefront of electric commercial mobility in India.
E-commerce players like BigBasket, Ecom Express, Amazon and Udaan use Euler Motors’ E-3 wheelers as their fleets for delivery purposes.
Euler’s fundraising at a time when the demand for electric vehicles is rising further sends out the positive sentiments prevailing in the Indian EV market.
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