Euler Motors bags Rs 638 Cr in Series D funding led by Hero MotoCorp
Earlier in January, commercial EV maker Euler Motors had secured up to $20 million in debt from responsAbility Investments AG.
EV manufacturer on Monday said it secured Rs 638 crore in a Series D funding round led by Hero MotoCorp, which also saw participation from existing investor, British International Investment (BII), the UK’s development finance institution.
The company plans to use the fresh funds to expand its sales and service network while advancing new product development to accelerate India’s commercial EV adoption, Euler said in a statement.
“With this fresh capital and strategic backing from new and existing investors, we are poised to accelerate our scale, continue innovating to deliver superior products, and come a few steps closer towards becoming India’s No. 1 commercial EV brand,” said Saurav Kumar, Founder and CEO, Euler Motors, in the statement.
With this round, the company has raised approximately Rs 1,420 crore to date.
Earlier in January, the commercial EV maker had secured up to $20 million in debt from responsAbility Investments AG to ramp up production and distribution networks and enhance research and development capabilities.
The capital infusion had come following the company closing its Series C funding round, raising an additional Rs 200 crore from investors, including British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund.
At the time, the company said the funding would support the growth of its four-wheeler vehicle, Storm EV, for logistics and ecommerce clients.
“As we strengthen and diversify our presence in the emerging mobility landscape, this investment allows Hero MotoCorp to venture into a rapidly growing electric three and four-wheeler market, while unlocking adjacent business opportunities and continuing to cement its leadership in the future of sustainable mobility,” said Pawan Munjal, Executive Chairman of Hero MotoCorp.
Euler’s other key investors include Blume Ventures, Asian Development Bank Ventures, Athera Partners, and Piramal Alternatives India Access Fund.
(Feature image source: Euler Motors' Facebook page)
Edited by Suman Singh