Delhi-based electric vehicle start-up, Euler Motors has announced raising an additional $10 million, or nearly Rs. 75 crore, in the latest round of funding, led by QRG Investments and Holdings. With this, Euler has raised a total of $21.6 million or over Rs. 160 crore, since inception in 2018. Euler also stated that the new funds will be used to scale up and strengthen its production capacity to deliver the strong order line up for its recently launched HiLoad EV and also prepare to cater to strong demand from the retail segment. Earlier this year in October 2021, Euler Motors launched its first electric vehicle in India, the HiLoad electric three-wheeler for the cargo segment.
Also Read: Euler Motors Launch New HiLoad Electric 3-Wheeler In India; Prices Start At Rs. 3.5 Lakh
Commenting on the latest development, Saurav Kumar, Founder and CEO, Euler Motors, said "We are at a juncture where both Euler Motors and the EV industry are burgeoning with opportunity, and we want to create a market with our powerful products and ecosystem solutions to make EVs mainstream. We have made significant strides in building and validating our first electric commercial vehicle, HiLoad EV as well as broadening the charging & servicing ecosystem. The funding will allow us to further the development & expansion of our operations and continue building our organization in all functions with the talent necessary to support our mission."
Saurav Kumar Founder and CEO Euler Motors says the funding will allow the company to further the development & expansion of its operations
Euler says that the company plans to raise $50 million or over Rs. 372 crore, in series B in the coming year. Others who have invested in Euler Motors so far include - Inventus Capital India, Blume Ventures, ADB Ventures, Jetty Ventures and Kailash Trust also participated in this fundraising. In fact, this is the first time that Delhi-based QRG Investments and Holdings has invested in an EV brand in India.
Also Read: Euler Motors Raises ₹ 30 Crore, To Utilise For New Production Facility, Business Expansion
Talking about taking this new initiative, Anil Rai Gupta, Chairman of QRG Investments and Holdings, said, "EVs are the future of mobility and the flag bearers for creating a much-needed energy security for the world in a sustainable way. We are proud to invest in Euler Motors, pioneering path-breaking innovations in EV technology for India, from India. Their customer focus around the electric commercial vehicle and the supporting charging & servicing ecosystem has the potential to transform the face of intra-city logistics. We are confident in Saurav's and his team's vision, and their passion to bring progressive ecosystem changes for a sustainable future."
Also Read: Euler Bags An Order For 2500 EVs From Flipkart, BigBasket And Other E-Commerce Firms
The company says that funds will also be used to expand its presence in both North and South India markets in the next 2-3 quarters
Euler has already received over 2500 pre-bookings for its electric three-wheeler HiLoad, from several eCommerce giants, including BigBasket, Flipkart, Udaan, Hyperlocal and a few other B2B delivery players. The company expects that number to reach 4500 in the next one year. Euler's electric three-wheelers will be deployed across Delhi NCR, Bengaluru, Hyderabad and Chennai, to strengthen the aforementioned brands' first, mid & last-mile operations. The company says that funds will also be used to expand its presence in both North and South India markets in the next 2-3 quarters.
