Euler Motors’ net loss widens to Rs 227 crore in FY24

Electric commercial vehicle manufacturer Euler Motors has posted a net loss of Rs 226.9 crore for the financial year ended March 31, 2024, compared with Rs 175 crore earned in the preceding year.

The Delhi-based firm’s operating revenue soared by 3X to Rs 189 crore in FY24, up from Rs 62 crore in the previous fiscal year.

The cost of materials consumed, the company's largest expense, rose by 187% to Rs 198 crore from Rs 69 crore in FY23, taking the total expense up by 75% year-on-year to Rs 420 crore in FY24.

The startup's employee benefit expenses remained relatively unchanged, incurring Rs 54 crore in the year under review compared with Rs 56 crore in the prior year.

In May, Euler Motors raised an additional Rs 200 crore in its Series C funding round led by British International Investment (BII), Blume Ventures, and new investor, Piramal Alternatives India Access Fund.

Earlier, in November last year, the company raised Rs 120 crore from British International Investment (BII) and Green Frontier Capital as part of its ongoing Series C extension. Existing backers, including Athera Venture Partners, Blume Ventures, GIC Singapore, and ADB Ventures, also joined the round.

In FY24, the company sold 3,700 vehicles and grew its footprint from five to 22 cities, it said in a statement. In August, Euler Motors also announced its entry into the small commercial vehicle segment, aiming to launch its first four-wheeler with a payload capacity exceeding 1,000 kg during the upcoming festive season.