Euler Motors has raised an additional Rs 30 crores as a part of its ongoing Series A round, led by existing investors namely Inventus India and Jetty Ventures. Existing investor Sujeet Kumar, Co-founder, Udaan also participated in this round of funding along with new investors – Srinivas Anumolu & K Ganesh from Growth Story. Euler Motors says that it plans to use these funds for a new production facility, R&D activities, and expansion of charging & servicing infrastructure. So far, the company has raised Rs 50 crores in its series A fundraise and has raised nearly Rs 65 crores since its inception. Euler Motors is gearing up to launch its first electric cargo three-wheeler in Q2 2021 and will expand to new markets across India.
The company also has plans to expand its customer base in sectors like retail, FMCG, pharma, and utility. Euler Motors will also be strengthening its supply chain in India by investing in technology and working closely with multiple vendors to achieve high levels of localization of EV manufacturing in the country. Speaking on the announcement, Saurav Kumar, Founder and CEO, Euler Motors said that the company’s vision is to make electric vehicles mainstream in India by building commercial vehicles that are at par with ICE vehicles in terms of quality & performance.
He adds that the new investment has come at a time when the company has demonstrated extreme resilience during the pandemic and is all set for the next phase of growth. He further stated that Euler’s existing investors trust the brand’s vision and execution; and have chosen to continue to invest in Euler Motors. He concluded his statement by saying that with their support and that of the suppliers and team, Euler Motors will gain momentum quickly following its upcoming launch, and over time, democratize the EV market.
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.