Additional investments of $2.6 million were raised from new investor ADB Ventures, the venture investing arm of Asian Development Bank, and existing investor Blume Ventures
Euler Motors, an automotive technology startup focused on electric commercial vehicles (ECVs) said that it has closed its Series A funding round at $9.5 million, with additional investments of $2.6 million raised from new investor ADB Ventures, the venture investing arm of Asian Development Bank, and existing investor Blume Ventures. This also marks the first investment by ADB Ventures in an EV company globally.
“ADB Ventures’ investment in Euler Motors signals a growing market readiness for EV in India. We are delighted and proud that ADB Ventures have chosen Euler Motors as their first investment in an EV company. We believe it is testimony to our execution so far against our defined vision, and the quality of our innovation," said Saurav Kumar, founder and chief executive officer, Euler Motors.
This round follows a capital infusion of $4 million earlier this month led by its existing investors, Inventus Capital and Jetty Ventures. With this, Euler Motors has raised a total of $11.6 million since it was founded in 2018. Investors include ADB Ventures, Blume Ventures, Inventus Capital, Jetty Ventures, US based Emergent Ventures, Andrew Lee, Sujeet Kumar, Cofounder, Udaan, and Srinivas Anumolu and K. Ganesh from Growth Story.
The new funds will be used for Euler Motors’ upcoming launch of its three-wheeler cargo vehicle this year, and support market expansion in India to cities like Bengaluru, Kolkata, Ahmedabad, and Pune, in addition to Delhi NCR, the company said in a statement.
“Euler Motors has positioned itself to capitalize on tailwinds, including falling battery prices, policies favouring a transition to electric vehicles, and increasing demand for last-mile delivery solutions. It's a great example of a company that has the right tech and business model at the right place and time," said Daniel Hersson, senior fund manager, ADB Ventures.
Euler Motors said it has established a network of 100+ charging infrastructure in Delhi NCR that can charge 200+ electric vehicles at any given point and boasts over 250 vehicles deployed across e-commerce and 3PL companies to fulfil last-mile intra-city delivery requirements. With deployments across customers such as BigBasket, EcomExpress and Udaan, Euler Motors’ vehicles have completed over 10 million deliveries and helped reduce carbon emissions of over 2.2 million tonnes. With almost 200% increase in demand last year, the company is all set to launch an advanced technology L5 vehicle in the upcoming quarter.
“We are confident that the company will continue to grow and will establish India as a global hub for electric vehicles manufacturing in the times to come," said Arpit Agrawal, director, Blume Ventures.