- Funds will be used to expand production and presence across India
- Existing investors Inventus Capital India, ADB Ventures, Blume Ventures, Jetty Ventures and Kailash Trust also contributed to the round
- Plans to raise $50 M in series B in coming year
Euler Motors, an Indian EV company focused on electric commercial vehicles, today announced that it has raised an additional $10 Million led by Delhi based QRG Investments and Holdings. Existing investors Inventus Capital India, Blume Ventures, ADB Ventures, Jetty Ventures and Kailash Trust also participated in this fundraise. This marks the first investment by QRG Investments and Holdings in an EV brand in India.
Euler Motors also plans to further raise $50 Million in its Series B round in the coming year. The company plans to utilize these funds to scale up and strengthen its production capacity to deliver the strong order lineup for its recently launched HiLoad EV and also prepare to cater to strong demand from the retail segment. So far within 10 days from launch, the company already has a 2500 order lineup, which is expected to reach 4500 in the next year. The funds will also be used to expand its presence in both North and South India markets in the next 2-3 quarters.
With this, Euler Motors has raised a total of $21.6 million since its inception in 2018.
The company is working towards democratizing the EV revolution, with its world class and innovative solutions that are custom made for India. The focus for the company, right from its start, was to build superior alternatives to traditional mobility and eliminate the barriers towards mass adoption of EVs in the country.
“We are at a juncture where both Euler Motors and the EV industry are burgeoning with opportunity, and we want to create a market with our powerful products and ecosystem solutions to make EVs mainstream. We have made significant strides in building and validating our first electric commercial vehicle, HiLoad EV as well as broadening the charging & servicing ecosystem. The funding will allow us to further the development & expansion of our operations, and continue building our organization in all functions with the talent necessary to support our mission.” said Saurav Kumar, Founder and CEO, Euler Motors.
On their first investment in an EV company in India, Anil Rai Gupta, Chairman of QRG Investments and Holdings, said, “EVs are the future of mobility and the flag bearers for creating much-needed energy security for the world in a sustainable way. We are proud to invest in Euler Motors, pioneering path breaking innovations in EV technology for India. Their customer focus around the electric commercial vehicle and the supporting charging & servicing ecosystem has the potential to transform the face of intra-city logistics. We are confident in Saurav’s and his team’s vision, and their passion to bring progressive ecosystem changes for a sustainable future.”
The company recently launched India’s most powerful three-wheeler cargo, HiLoad EV, boasting the highest payload capacity across the 3W cargo segment in India (including ICE). The vehicle is designed uniquely for India, from India, with six segment-first innovations in 3W cargo suited to deliver higher performance and longer life in the unpredictable Indian road and weather conditions.
Euler Motors already manages a network of 200+ charging stations in Delhi NCR to support electric vehicles on the ground; it has now introduced multiple charging systems. These range from mobile ‘Charge on Wheels’ vehicles to advanced charging variants – such as fast chargers and home or onboard chargers which are available for a seamless customer experience with EVs.
With deployments across customers such as BigBasket, Flipkart and Udaan, Euler Motors’ vehicles have completed over 10 million deliveries and helped reduce carbon emissions of over 2.2 million tonnes.
About Euler Motors
Founded in 2018, Euler Motors is an automotive OEM focused on electric commercial vehicles. The company is developing & deploying innovative technology solutions to democratize a swift EV transition, building EVs that are designed for India, from India. The company’s solutions are road-ready, technologically superior and competent that have already proved their mettle across eCommerce and 3PL businesses. With their custom made EVs, Euler Motors aims to create superior alternatives to traditional mobility for the mass adoption of electric vehicles. For more details, please visit http://www.eulermotors.com
About QRG Investments & Holdings Limited (“QRG Invest”)
QRG Invest is the Holdings and Investments company of QRG Group. It has investment interests in Direct Venture Investments, PE Funds, Venture Debt funds & listed instruments. Inspired by the vision and guiding principles of the founder of QRG Group, our investment portfolio reflects companies with high standards of corporate governance, great ambition & motivated entrepreneurs which is needed to transform ideas into scalable and sustainable businesses. QRG Invest’s investments are spread across sunrise sectors like Healthcare, Consumer, technology, fintech and manufacturing.
