EV startup Euler Motors raises $60M in Series C round

Electric vehicle (EV) startup Euler Motors on Tuesday said it raised $60 million in a Series C funding round led by GIC Singapore.

The round also saw participation from Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures, and Moglix.

Euler Motors will use the capital to scale up its manufacturing and supply chain infrastructure, accelerate product development, and augment talent across key functions in the startup.

The Delhi-headquartered company will also invest in expanding its distribution network and brand building. It plans to expand its retail presence in 12 new markets by the end of this fiscal year.

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Saurav Kumar, Founder and CEO, Euler Motors, said, “This investment will fuel our ambition to establish Euler Motors as a frontrunner to drive the electrification of commercial mobility in India by scaling our manufacturing capacity, expanding distribution footprint, and strengthening the team.”

Established in 2018 with a focus on EVs for the commercial mobility segment, Euler Motors launched the HiLoad EV, a three-wheeler with a payload capacity of 688 kg, range of 151 km, and a 12.4 kWh proprietary liquid-cooled battery pack, last year. The EV startup has an order book of over 9,000 vehicles.

According to Euler Motors, it has established a robust charging infra with multiple charging options, customer-centric servicing, and financing services.

The EV segment in India has witnessed strong traction from the investor community with capital ploughed into vehicle manufacturers, battery infrastructure network providers, and the associated services.