British International Investment and others back Euler Motors in extended Series C
- Euler Motors said it plans to use the funds to drive its expansion across India, and aims to enter 40 cities by April 2024
Electric-vehicle company Euler Motors said on Tuesday that it has raised ₹120 crore in its ongoing Series C round from British International Investment (BII), the UK government’s development finance institution, and Green Frontier Capital. Existing investors Athera Venture Partners, ADB Ventures, Blume Ventures, Alteria Capital, GIC Singapore, and QRG Holdings also participated in the round. With this, the company has raised a total of ₹690 crore to date.
Euler Motors said it plans to use the funds to drive its expansion across India, and aims to enter 40 cities by April 2024. The additional funds will also help the company expand its service and charging network nationwide to further facilitate the adoption of electric vehicles, the company said. It plans to raise more funds as needed over the coming year to grow its production, presence and services while setting its sights on the global market.
“Climate finance is a key part of our Indian investment strategy. In total BII expects to invest $1 billion on climate finance in India between 2022 and 2026,” said Manav Bansal, managing director and head of India, British International Investment.
Bansal added that the commercial-vehicle segment is important, both for creating jobs and reducing emissions, which is in line with BII’s strategic objectives of promoting productive, sustainable and inclusive economic growth.
Founded in 2018, Euler Motors is an automobile manufacturer focused on commercial electric vehicles. Its flagship product, the HiLoad EV, has a 12.96 kWh battery pack, a range of 100-120 km, and a payload capacity of 688 kg.
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Business NewsNewsIndiaBritish International Investment and others back Euler Motors in extended Series C
First Published:6 Nov 2023, 05:11 PM IST
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