Home / Companies / Start-ups /  Commercial EV maker Euler Motors raises $60 mn led by GIC

Commercial electric vehicle make Euler Motors Pvt Ltd has raised $60 million ( 480 crore) in a Series C funding round led by GIC Singapore.

The funding round also saw participation by Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures and industrial goods marketplace Moglix also participating in the round.

 The funds will be used to scale up its manufacturing and supply chain infrastructure, accelerate product development and augment talent across key functions in the organization. It is also looking to expand the distribution network and brand building while continuing to focus on its core values of innovation, performance, and design,“ said Saurav Kumar, Founder and CEO, Euler Motors in an interaction with VCCircle.

With this, Euler Motors plans to expand its retail presence in 12 new markets by the end of this fiscal, Kumar noted.

Kumar declined to comment on the valuation but a person in the know said the latest fundraise will value the EV maker at between $250-300 million.

Last year, Euler Motors launched the HiLoad EV, an electric cargo three-wheeler with an industry-leading payload capacity of 688 kg. The EV now has an order book of over 9000 vehicles. Euler Motors said it has established a charging infrastructure with multiple charging options, customer-centric servicing as well as financing services.

Euler Motors was founded in 2018 by Kumar. Currently, it has 1,400 employees. By the end of the financial year, the company will add additional employees across all functions, Kumar said.

Avendus Capital was the advisor to Euler Motors on the transaction.

India’s EV segment is pegged to receive investments worth $12.6 billion across the automotive supply chain over the next five years, according to a 2021 joint report by Indospace and Colliers. The report also pointed out that 64% of the investments will be made in automakers and the rest in battery manufacturing.

Investments in the EV space have picked up pace after a slight lull in 2020. In 2021, total private equity and venture capital investments in the EV segment grew eightfold to $1.7 billion in 2021, from $181 million in 2020, according to a joint report titled ‘Electrifying Indian Mobility’ by IVCA-EY-Induslaw.

Bullish on burgeoning demand, higher sales forecast and a supportive regulatory environment around the EV ecosystem, investors are expected to double down on their investments.

This calendar year has already witnessed a slew of deals in the space. Recently, electric two-wheeler maker Ultraviolette raised $10 million from Amsterdam-based Exor Capital. Another two-wheeler maker, River, raised $11 million in a Series A round led by Chris Sacca’s Lowercarbon Capital, with participation from Toyota Ventures. Meanwhile, ride-hailing start-up BluSmart Electric Mobility said in July that it is close to raising $250 million from investors, including Bp Ventures.


Anuj Suvarna

Anuj Suvarna covers startups and venture capital. He writes about funding and acquisitions in VCCircle. When not writing about the Indian startup ecosystem, he likes to read non-fiction books, spend time with his pets (dad to 2 dogs and a cat) and go on treks. Previously, Anuj ran a restaurant consulting business and a bar in his hometown of Udupi.
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