Euler Motors, a manufacturer of electric vehicles, announced that it has raised $60 million in its most recent funding round. It was led by GIC Singapore, an investment firm, to strengthen its supply and manufacturing chain.
Although the Indian startup didn’t disclose the value at which it raised money in the Series C round, it stated that its other investors were Athera Venture Partners, Blume Ventures, QRG Holdings, Moglix, and ADB Ventures.
India’s EV industry is attracting a lot of attention from investors. Magna International, which invested $77 million in India’s Yulu, and Hero MotoCorp, which invested $60 million in Zero Motorcycles in India to jointly develop electric bikes.
This industry is gaining mainstream attention with Mahindra & Mahindra holding talks to raise $500 million. Tata Motors, India’s third-largest automaker, launched the lowest-priced electric car in India at just over $10,000 last week.
Euler Motors already owns an electric cargo three-wheeler and plans to make use of the funds to accelerate product development and increase its retail presence in 12 markets by the end of this fiscal year.
The company was established in 2018 and will continue to seek new employees, as well as expand distribution with the funds. Euler Motors reported revenue of $300 million rupees last year and said it would report revenue this year of 3 billion rupees.
Series C funding rounds are typically for late-stage startups requiring additional funds to launch new products or expand their manufacturing operations.
