Euler Motors, a Delhi-based electric three-wheeler manufacturer, has successfully raised Rs 120 crore (approximately $14.5 million) in an extended Series C funding round. British International Investment (BII) and Blume Ventures led the round, with participation from new investor Green Frontier Capital and existing backers like Athera Venture Partners, ADB Ventures, Alteria Capital, GIC Singapore, and QRG Holdings.
Founded in 2018 by Saurav Kumar, Euler Motors has now secured a total equity capital of Rs 690 crore. The funds raised will be utilized to expedite the company’s expansion, with plans to enter 40 cities by the end of the fiscal year 2024, as stated in Euler Motors’ press release.
The company’s flagship model, HiLoad EV, is touted as the most powerful electric cargo three-wheeler, boasting a range of 170 kilometers. Euler Motors has already made significant strides in the commercial electric vehicle space, collectively transporting goods over 45 million kilometers. It has provided fleets for prominent e-commerce and logistics companies such as BigBasket, Ecom Express, Amazon, and Udaan.
Euler Motors aims to sell approximately 5,000 vehicles by the end of the current fiscal year and has adopted franchise models in Delhi and Haryana, alongside fulfilling bulk orders. Despite achieving a total revenue of Rs 19 crore in the fiscal year ending March 2022 (FY22), the company reported losses of Rs 36 crore in the same period, according to TheKredible. The FY23 audited numbers are yet to be disclosed.
Competing in the electric three-wheeler sector with players like Altigreen and established names such as Mahindra Electric, Piaggio, Kinetic Green, and Tata, Euler Motors continues to navigate the dynamic landscape of the electric vehicle industry.
Source: Entrackr