[Funding alert] Euler Motors raises Rs 20 Cr in fresh funding round
Automotive technology startup Euler Motors on Tuesday said it has raised Rs 20 crore as part of its ongoing series A funding, led by Inventus Capital.
The other investors in the fresh round of funding include Blume Ventures, Singapore-based Jetty Ventures India Investments, and Udaan's co-founder Sujeet Kumar.
"Blume Ventures has been associated with Euler Motors since early days. Our initial investment was on the promise of building world-class electric vehicles for Indian conditions. We believe their innovative business model brings down the total cost of ownership (TCO) and makes EVs accessible to many in Indian market,” said Arpit Agarwal, Principal at Blume Ventures.
Earlier, as part of its pre-series A round, the company had raised Rs 15 crore from Blume Ventures, US-based Emergent Ventures and Andrew Lee.
"The series A funds will be primarily used for hiring talents, research and development (R&D), and launching our vehicles across key Indian cities with a focus on localisation of the supply chain," Euler Motors Founder and CEO Saurav Kumar said.
The company has a dedicated manufacturing and R&D facility for production of light commercial electric vehicles (EVs) along with automotive-grade lithium-ion battery packs that could match the performance required for intra-city logistics in all-weather, temperatures and road conditions.
In the last 18 months, companies like BigBasket, EcomExpress and Udaan have employed more than 200 prototype e-vehicles of the company for their last-mile delivery, Euler Motors said.
The company has also established a network of 100-plus charging infrastructure in Delhi-National Capital Region for charging over 200 electric vehicles at any point, it added.
"Euler Motors is an early frontrunner 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," Inventus Capital India, MD, Rutvik Doshi said.
(Disclaimer: Additional background information has been added to this PTI copy for context)
Edited by Javed Gaihlot