Euler Motors gears up to build three-wheeler EV ecosystem in India
Electric vehicle companyrecently launched the HiLoad electric cargo three-wheeler to cater to the last-mile delivery market in India. The company said the vehicle has been designed keeping in mind the requirements of the Indian market, and claims it to be the most powerful electric cargo in the country.
“On the product side, it has 688 kg of payload capacity,” says Saurav Kumar, Founder and CEO, Euler Motors.
The product, he explains, was built to suit consumer requirements. The brand conducted a survey whose results pointed at a concern regarding the vehicle’s capacity to be able to transport heavy products.
Saurav says that HiLoad has been developed with the intention to make the vehicle work seamlessly at least for 8-10 years.
According to a study by CEEW Centre for Energy Finance, India’s EV market is poised to hit over $206 billion by 2030 if there is a continuous progress on the target of achieving 100 percent electrification by 2030. This growth is speculated to be driven by the firm regulations drafted by the government in an effort to curb the rising levels of vehicle pollution.
“We have received 2,500 vehicle orders from Flipkart, Ecom Express, Bigbasket, and Udaan,” shares Saurav.
The brand is planning to open deliveries in January for customers outside of ecommerce such as FMCG companies and retail.
Euler Motors is also looking to have at least 5,000 electric three-wheelers on ground by FY23. Currently based in Delhi-NCR, the brand will be diversifying geographically to Bengaluru in the coming days and to Hyderabad, Chennai, and Pune in the near future.
Euler Motors Founder, Saurav Kumar
To scale operations, the startup is in a continuous process of raising capital. “One of the key things that we look for are people or investors who have a long term commitment and who those who believe in what Euler is doing,” says Saurav.
The company has raised a total of $12 million so far from key investors, including ADB Ventures and Blume Ventures, among others. Euler Motors is also the first EV company globally to have garnered the interest of ADB Ventures in its Series A round at $9.5 million.
The company is looking to clock revenue of over Rs 50 crore by 2022. The target, according to Saurav, is to reach Rs 300 crore in revenue and grow at 600 percent by FY23.
Founded in 2018, Euler Motors’ primary focus rests on electrifying the three-wheeler cargo segment. It is aiming to make EV adoption a seamless experience for its customers. The brand has already deployed over 250 vehicles across ecommerce companies and has a network of 100+ charging infrastructure in Delhi-NCR.
“We are currently manufacturing 100 vehicles per month, but we are ramping it up to 1,000 vehicles a month in the next year,” concludes Saurav.