The company intends to increase its production capacity and broaden its offerings range
Delhi-based EV Startup Euler Motors secured a sum of $60 million in its Series C funding. The round was led by Singapore’s sovereign fund GIC, and it saw the participation from ADB Ventures, Athera Venture Partners, Blume Ventures, Moglix and QRG. It must be noted that Euler Motors was valued at $200 million by these investors. The company said that it will utilize the funding to enhance its production capacity while broadening its range of product offerings.
Saying that their vision is to not only develop industry-leading products but also the ecosystem to support the EV transition, founder Saurav Kumar added, “This investment will fuel our ambition to establish Euler Motors as a frontrunner to drive the electrification of commercial mobility in India by scaling our manufacturing capacity, expanding distribution footprint and strengthening the team to deliver delightful experiences to our customers.”
As per the govt data, Indian automakers sold around 4,30,000 EVs (most of which were 2/3-wheeled) in FY21, up from 1,34,821 in FY20. Kumar said that as of now, the company plans to take its monthly production to 1,000 (which currently hovers around 100) while keeping its eyes on several other categories of vehicles.
Euler Motors is an Indian startup that designs and builds commercial EVs. Claiming that it is the only player to provide four types of different charging to customers, the company said that it has set up a charging station of over 500 points. Euler’s future plans are to venture out abroad and to become the “Tesla of commercial vehicle” by taking its India-made vehicles to the world.