Commercial electric vehicle manufacturer Euler Motors announced that it secured funding of Rs 120 crore from a group of investors. The ongoing series-C extension round received commitments from British International Investment (BII), the UK government’s development finance institution, and an impact investor.
BII is co-investing with Blume Ventures in Euler Motors, as disclosed by the company in a statement.
In addition to BII, Euler Motors welcomed Green Frontier Capital, India’s first investment firm specializing in growth companies, as part of this fundraising round. Existing investors also participated.
The newly raised capital from the ongoing series-C extension round will be strategically utilized to support Euler Motors’ nationwide expansion plans. The company aims to enter 40 cities by the end of the 2023-24 fiscal year. This extension round brings the total investments to approximately Rs 690 crore, according to Euler Motors.
The additional funds will further enable the company to strengthen its service and charging network across the country, promoting the adoption of electric vehicles. Saurav Kumar, Founder & CEO of Euler Motors, expressed confidence in their path and the support from both new and existing investors.
Athera Venture Partners, Alteria Capital, ADB Ventures, Blume Ventures, GIC Singapore, QRG Holdings, and other existing investors participated in this funding round.
Euler Motors plans to continue raising funds over the next year to execute its expansion and production scale-up, with an eye on the global market.
Manav Bansal, Managing Director and Head of India at British International Investment emphasized the importance of the commercial cargo transportation segment in job creation and emission reduction. He highlighted their strategic objective of promoting sustainable economic growth.
Sandiip Bhammer, Managing Partner at Green Frontier Capital, underscored their belief in the transformative potential of sustainable technologies within the mobility sector through their investment in Euler Motors.