Electric commercial vehicle manufacturer Euler Motors has successfully closed its Series C funding round, raising an additional ₹200 crore. This round saw participation from internal investors, including British International Investment, Blume Ventures, and new investor Piramal Alternatives India Access Fund.
The fresh infusion brings the total capital raised in the Series C round to ₹570 crore. Euler Motors plans to use the new funds to scale its pan-India presence and servicing infrastructure, aiming to establish operations in over 40 cities by FY25. The investment will also support the company’s strategic initiatives, including product development, introduction of new variants, enhancement of technological capabilities, and acceleration of R&D efforts.
In FY24, Euler Motors sold 3,700 vehicles and expanded its footprint from 5 to 22 cities, the company stated.
“We welcome the support of both existing and new investors. We aim to establish Euler Motors as India’s No. 1 electric commercial vehicle brand with our powerful products and best-in-class services. Over the past 3 years, we’ve demonstrated impressive growth, gained the confidence of customers, and created a heightened demand for our products. This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share. With this momentum, we’re ready to accelerate our growth trajectory and lead the transition to commercial EVs in India,” said Saurav Kumar, Founder and CEO of Euler Motors.
To date, Euler Motors has raised a total of ₹770 crore. In the electric three-wheeler space, the company competes with Altigreen and legacy players like Mahindra Electric, Piaggio, Kinetic Green, and Tata.
