Euler Motors, an electric vehicle company building commercial vehicles, has raised USD 60 million in its series C fundraise. 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 organisational functions. The company will also invest in expanding its distribution network and brand building while focusing on its core values of innovation, performance, and design. With this, Euler Motors plans to expand its retail presence in 12 new markets by the end of this fiscal.
Commenting on the fundraise, Saurav Kumar, Founder & CEO, Euler Motors said, “The time for electric mobility in India is now, and we aspire to be a leading player in the growing Indian electric commercial vehicle segment. Our vision is to not only develop industry-leading products but also the ecosystem to support the EV transition.”
Euler Motors was established in 2018 with a vision of building innovative and technologically superior electric vehicles for the commercial mobility segment. The company aims to support the global transition to electrification and contribute toward making mobility sustainable. The company has followed a full stack ecosystem approach to mainstream commercial EVs and enabling seamless customer adoption. Euler Motors has built a strong market position backed by its differentiated electric innovation, cutting-edge battery technology and service support that provide great value and increased customer earning capacity.