The fresh capital will be deployed in scaling the startup’s production capacity and its R&D efforts
Euler Motors caters to the logistics, commercial mobility and ecommerce sector with its electric mini trucks for heavy and light loads
According to an Inc42’s report, the Indian cleantech sector is the fourth most funded industry with $829 Mn raised across 75 deals in 2024
Electric vehicle manufacturer Euler Motors
has raised up to $20 Mn (around INR 173 Cr) in debt from responsAbility Investments AG.
The startup plans to deploy the fresh proceeds to scale up its production capacity and R&D efforts for fostering future EV technology. Apart from this, it will also use the capital to support growth of its flagship four-wheeler Storm EV.
“Over the years, we’ve earned the trust of both new and existing investors, reflecting their confidence in our mission and the growing demand from our customers, evidenced by our strong growth. This new funding will boost us to scale further, expand our reach and continue delivering sustainable, high-performance solutions that meet India’s unique logistics needs,” said Saurav Kumar, founder and CEO of Euler Motors.
Founded in 2018 by Kumar, Euler Motors is an original equipment manufacturer for electric vehicles. It aims to increase the adoption of EV in India and contribute to the country’s mobility efforts. The New Delhi-based startup caters to the logistics, commercial mobility and ecommerce sector with its electric mini trucks for heavy and light loads.
As part of its service offerings, the company provides more than 500 charging hubs across Delhi NCR, Hyderabad and Bengaluru. It also provides home charging for hassle-free plug and play experience. Moreover, the Blume Ventures-backed startup also offers a fleet management application for bookings of charging spots and keep a check on the health of the vehicle.
This development comes at a time when the cleantech sector has been gaining a lot of traction from investors for quite some time now.
For instance, last year EV leasing and lifecycle management startup Alt Mobility raised $10 Mn in a Series A funding round led by existing investor Eurazeo.
Yesterday (January 14), Mumbai-based BGauss secured a funding of INR 161 Cr from Bharat Value Fund (BVF) in a mix of primary and secondary transactions.
According to an Inc42’s report, the Indian cleantech sector is the fourth most funded industry with $829 Mn raised across 75 deals in 2024.
