Euler Motors raises Rs 120 Cr in Series C funding round
The round was led by British International Investment and Blume Ventures.
Electric commercial vehicle maker has raised Rs 120 crore from two new investors—British International Investment (BII) and Green Frontier Capital.
The new capital was part of its ongoing Series C extension round, the company said, adding existing investors such as Athera Venture Partners, Blume Ventures, GIC Singapore, and ADB Ventures, among others, also participated in the round.
Euler Motors has raised a total of Rs 690 crore in its Series C round. The company hopes to use the funds to drive its expansion and set up its service and charging network.
"We are delighted to work with Euler Motors on accelerating EV development in India, particularly in the commercial cargo transportation segment," said Manav Bansal, Managing Director and head of India at BII—the UK government's development finance institution, adding the fund aims to invest $1 billion in climate tech in India between 2022 and 2026.
Euler Motors plans to expand to 40 cities by the end of FY24, it said in a press release.
Earlier in April, the company laid off 10% of its total workforce six months after raising a Series C funding round. Euler Motors pegged the layoffs as wanting to restructure and increase efficiency in the company.
Edited by Kanishk Singh