Euler Motors, an electric commercial vehicle manufacturer, will use its recent capital infusion to expand its pan-India presence and servicing infrastructure, aiming to establish a footprint in over 40 cities by FY25.
The company successfully closed its Series C funding round, raising an additional Rs 200 crore and bringing the total for this round to Rs 570 crore. This funding came from existing investors such as British International Investment, the UK’s development finance institution and impact investor, Blume Ventures, as well as new investor Piramal Alternatives India Access Fund.
In FY24, Euler Motors sold 3,700 vehicles and expanded from 5 to 22 cities, solidifying its market position. The new funds will support the company’s expansion, product development, and enhancement of its technological and R&D capabilities.
Saurav Kumar, Founder and CEO of Euler Motors, stated, “This fresh capital injection, along with the trust of our investors, will propel us towards our goal of achieving a double-digit market share. With this momentum, we’re ready to accelerate our growth trajectory and lead the transition to commercial EVs in India.”
Kalpesh Kikani, CEO of Piramal Alternatives, commented, “We are excited about the broader EV sector and our specific focus on last-mile mobility within the commercial/logistics category. Euler Motor’s strong technology and R&D capabilities position it well for success.”
