Euler Motors, a leading manufacturer of commercial three-wheeler electric vehicles (EVs), has successfully concluded its Series C funding round, raising an additional INR 200 Cr (approximately $24 Mn) from existing investors Blume Venture, British International Investment, and new investor Piramal Alternatives India Access Fund.
Funding Recap
This latest infusion of funds comes after Euler Motors raised INR 120 Cr (about $14.4 Mn) from British International Investment (BII) and Green Frontier Capital in November last year as part of the Series C round. Prior to that, the startup secured $60 Mn in October 2022, led by Singapore’s sovereign fund GIC. In total, Euler Motors has raised INR 570 Cr from its investors in the Series C funding round.
Utilization of Funds
Euler Motors plans to deploy the fresh capital to scale its presence across India, bolster its servicing infrastructure, and establish operations in over 40 cities by FY25. Additionally, the funds will drive strategic initiatives focused on product development, introducing new variants, enhancing technological capabilities, and accelerating research and development efforts.
Company Overview
Founded in 2018 by Saurav Kumar, Euler Motors specializes in manufacturing commercial electric vehicles. Its flagship electric cargo three-wheeler, HiLoad EV, boasts a 170 km ARAI-certified range, a payload capacity of 688 kg, a proprietary liquid-cooled battery, and an inbuilt fast charging feature. In FY24, the company sold 3,700 vehicles and expanded its presence to 22 cities, bringing its total funds raised across multiple rounds to INR 770 Cr.
CEO Statement
Founder and CEO Saurav Kumar expressed confidence in the company’s trajectory, stating, “Over the past three years, we’ve demonstrated impressive growth, gained the confidence of customers, and created a heightened demand for our products. This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share.”
Industry Context
Euler Motors operates in a competitive landscape, contending with industry players such as Piaggio, Mahindra, and Altigreen Propulsion Labs. The funding round underscores the growing significance of the commercial cargo transportation sector in India, not only in terms of job creation but also in reducing emissions and supporting the nation’s clean energy transition, as highlighted by Abhinav Sinha, MD and head of technology and telecoms at BII.
Growth Trends
According to Vahan data, electric three-wheeler registrations in India surged to 5.8 Lakh vehicles in 2023 from 2.5 Lakh in the previous year. This growth is attributed to increasing adoption by e-commerce and related companies for last-mile delivery, as well as supportive government policies boosting the EV market.
