EV startup Euler Motors has raised INR 120 Cr (about $14.4 Mn) in its ongoing Series C extension round from British International Investment (BII), the UK government’s development finance institution and impact investor, and Green Frontier Capital.
Existing investors, including Athera Venture Partners, ADB Ventures, Blume Ventures, Alteria Capital, GIC Singapore, and QRG Holdings, also participated in the round.
The funding was raised at a valuation lower than during its last fundraise, Euler Motors’ founder and CEO Saurav Kumar told ET. The three-wheeler EV manufacturer had last raised $60 Mn in its Series C round in October last year.
In a statement, Euler Motors said the fresh funds would be deployed strategically to drive its pan-India expansion initiatives as it plans to enter 40 cities by the end of FY24.
The additional funds will also enable the startup to reinforce its service and charging network nationwide to further facilitate the adoption of electric vehicles across the country, it added.
With the latest fund raise, Euler Motors has raised a total of INR 690 Cr till date. Euler Motors said it plans to raise fresh funds over the next year as and when needed to execute its plan to scale up production, presence and services.
Founded in 2018 by Kumar, Euler Motors is an automotive original equipment manufacturer (OEM) focused on electric commercial vehicles.
Euler claims that its products are road-ready, technologically superior and competent for ecommerce and third party logistics. It collaborates with ecommerce players such as BigBasket, Udaan, and Flipkart and helps them turn their fleet into EVs.
The flagship model manufactured by the startup is the HiLoad EV, which is a cargo three-wheeler offering 13 (12.96) kWh battery pack, and a 30% higher payload capacity (688 Kg), with a proprietary liquid-cooled battery.
Besides, Euler Motors also has a charging network of more than 300 stations in Delhi and Bengauluru.
Earlier this year, the EV startup trimmed 10% of its workforce within just six months after raising $60 Mn in its Series C funding round. Its net loss also doubled to INR 36.3 Cr in FY22 from INR 19.1 Cr in FY21.
With the increasing focus on climate change and carbon emissions, coupled with the government’s efforts to promote EVs, the funding in the EV space has also picked up.
In the commercial space, electric bus manufacturer PMI Electro Mobility Solutions recently secured INR 250 Cr in a strategic funding round to develop more innovative solutions, bring technological advancements to its production capabilities, and scale its operations.
Besides, EV startup Raptee secured $3 Mn in its pre-Series A funding round to enhance the manufacturing facility, procure machinery and tooling for the upcoming motorcycle launch, and expand the team.
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