Euler Motors, an electric commercial vehicles maker, said Tuesday it has raised $60 million (Rs 490 crore) in a Series C funding round led by GIC, the sovereign fund representing Singapore.
The funding round also saw participation by Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures and Moglix.
Euler Motors said it will use the money to scale up its manufacturing and supply chain, product development and hire people. The company said it will also invest in building up its distribution network and brand as it expands its direct retail presence in a dozen new markets by March 2023.
Saurav Kumar, founder & CEO, Euler Motors, said, “Our vision is to not only develop industry leading products but also the ecosystem to support the EV transition. This investment will fuel our ambition to establish Euler Motors as a frontrunner to drive electrification of commercial mobility in India by scaling our manufacturing capacity, expanding distribution footprint and strengthening the team to deliver delightful experiences to our customers.”
Established in 2018, Euler Motors has followed a full stack ecosystem approach towards making commercial EVs mainstream and enabling customer adoption.
Last year, Euler Motors launched HiLoad EV, India’s most powerful electric cargo three-wheeler with payload capacity of 688 kg, highest range at 151 km and a 12.4 kWh proprietary liquid cooled battery pack. HiLoad EV now has an order book of 9000+ vehicles.
Avendus Capital was the advisor to Euler Motors on the transaction.
Koushik Bhattacharyya, Executive Director and Head, Industrials Investment Banking, Avendus Capital, said, “Today, Euler Motors is uniquely positioned to lead India’s commercial EV market. It holds a strong competitive edge, derived from its in-house capabilities for vehicle-critical technologies. It has the right and scalable product platform to grow across vehicle segments and markets, and most importantly, has proven itself in the market with a product that is ahead of the industry.”