This is the first of its kind funding in the EV space during the covid-19 period, and will help the company to expedite its product and technology as well as scale its network of charging and service stations across India
Euler Motors, the automotive technology start-up focused on commercial Electric Vehicles (EVs) said that it has raised INR 20 crore as a part of its ongoing Series A funding led by Inventus Capital India.
The other investors in this round include Blume Ventures, Singapore based Jetty Ventures India Investments, and Udaan’s co-founder Sujeet Kumar. The funds will be used to launch its commercial EVs in key regions of the country and develop infrastructure for the smooth adoption of EVs, the company said in a statement.
This is the first of its kind funding in the EV space during the covid-19 period, and will help the company to expedite its product and technology as well as scale its network of charging and service stations across India. The company plans to launch its 3-wheeler electric vehicle for commercial logistics by the end of this year.
“Euler Motors wants to accelerate the adoption of commercial electric vehicles by creating a full stack ecosystem with Indian centric EVs, charging and service station networks. The Series A funds will be primarily used for hiring talents, R&D and launching our vehicles across the Indian key cities with a focus on localization of the supply chain," said Saurav Kumar, Founder & CEO, Euler Motors.
In the last 18 months, companies like BigBasket, EcomExpress, Udaan have employed more than Euler Motors 200 prototype e-vehicles for their last-mile delivery. The company has also established a network of 100+ charging infrastructure in Delhi NCR for charging 200+ electric vehicles at any point.
Rutvik Doshi, Managing Director, Inventus Capital India said “Euler Motors is an early front-runner in the space and is well-positioned to build the EV ecosystem. Saurav and the team have built an impressive product with a unique approach to making it work at scale. We're thrilled to have invested in such an innovative company.
Earlier, as part of its pre-series A round, the company had raised INR 15 crore from Blume Venture, US based Emergent Ventures and Andrew Lee. With this series A, Euler Motors has so far raised more than INR 35 crore.