Euler Motors, a trailblazer in the electric three-wheeler segment, has announced a successful capital raise of Rs 120 crore (approximately $14.5 million) in an extended Series C funding round. This latest financial milestone was co-led by British International Investment (BII) and Blume Ventures, marking a significant vote of confidence in the burgeoning electric vehicle (EV) market in India.
Joining the league of confidence are new investor Green Frontier Capital and a host of existing stakeholders including Athera Venture Partners, ADB Ventures, Alteria Capital, GIC Singapore, and QRG Holdings. The Delhi-based EV manufacturer, founded by Saurav Kumar in 2018, has now amassed a total equity capital of Rs 690 crore to date.
Euler Motors’ funding announcement comes with an ambitious blueprint for the future. The company intends to utilize the funds to fuel its expansion plans, setting sights on establishing a presence in 40 cities across the country by the end of the fiscal year 2024. This aggressive expansion strategy underscores Euler Motors’ commitment to leading the charge in India’s electric mobility revolution.
The company’s journey to this point has been marked by strategic fundraising. Just last year, Euler Motors secured a significant $60 million in a round led by GIC Singapore, a move that was exclusively reported by Entrackr in September 2022.
The effectiveness of Euler Motors’ EVs is reflected in the 45 million kilometers traversed by its commercial vehicles, serving the logistical needs of the country. The brand’s flagship HiLoad EV model is especially noteworthy, boasting the title of the most powerful electric cargo tricycle available, with an impressive range of 170 kilometers on a single charge.
Euler’s robust portfolio has led to partnerships with major e-commerce and logistics firms such as BigBasket, Ecom Express, Amazon, and Udaan, further solidifying its position in the market. With an ambitious sales target of around 5,000 vehicles by the end of FY23, Euler Motors is not just scaling up production but also exploring retail expansions through franchise models in various states including Delhi and Haryana.
Financially, Euler Motors reported revenues of Rs 19 crore for FY22 but faced losses amounting to Rs 36 crore. With the audited figures for FY23 still pending, the firm is optimistic about its trajectory. Earlier this year, the company streamlined its operations, which included laying off 10% of its staff as part of its restructuring process.
In the fast-evolving electric three-wheeler industry, Euler Motors is gearing up to compete with a mix of dynamic startups like Altigreen and well-established automotive giants such as Mahindra Electric, Piaggio, Kinetic Green, and Tata Motors. This latest funding is a pivotal step for Euler Motors as it accelerates towards a greener, more sustainable future in urban transportation.
