Euler Motors raises Rs 484.74 crore in series-C funding led by GIC | The Financial Express

Euler Motors raises Rs 484.74 crore in series-C funding led by GIC

Euler Motors has raised Rs 484.74 crore in its series C fundraise, led by GIC Singapore.

Euler Motors raises Rs 484.74 crore in series-C funding led by GIC
HiLoad EV now has an order book of 9000+ vehicles.

Euler Motors, an electric vehicle company building commercial vehicles has raised Rs 484.74 crore in its series C fundraise, led by GIC Singapore. The funding round also saw participation by Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures and Moglix.

Euler Motors will use the funds from this capital raise to scale up its manufacturing and supply chain infrastructure, accelerate product development and augment talent across key functions in the organisation. 

The company will also invest in expanding its distribution network and brand building while continuing to focus on innovation, performance, and design. With this, Euler Motors plans to expand its retail presence in 12 new markets by the end of this fiscal.

Saurav Kumar, Founder & CEO, Euler Motors said, “The time for electric mobility in India is now, and we aspire to not only develop products but also the ecosystem to support the EV transition. This investment will drive the electrification of commercial mobility in India by scaling our manufacturing capacity, expanding distribution footprint and strengthening the team”.

Last year, Euler Motors launched HiLoad EV, electric cargo three-wheeler with a payload capacity of 688 kg, a range of 151 km and a 12.4 kWh proprietary liquid-cooled battery pack. 

HiLoad EV now has an order book of 9000+ vehicles. Euler Motors has also established a robust charging infra with multiple charging options, customer-centric servicing as well as financing services.

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