Euler Motors Raises Additional ₹200 Crore in Series C Funding Round

Euler Motors, the electric commercial vehicle manufacturer, has successfully closed its Series C funding round, securing an additional ₹200 crore. This latest investment brings the total capital raised in Series C to ₹570 crore.

The funding round was led by existing investors, including British International Investment, the UK’s development finance institution and impact investor, and Blume Venture. New investor Piramal Alternatives India Access Fund also participated in this round of funding.

Euler Motors plans to utilize the fresh infusion of capital to expand its pan-India presence and enhance its servicing infrastructure. The company aims to establish a footprint in over 40 cities by the end of FY25. The new funds will also support strategic initiatives focused on product development, introducing new variants, enhancing technological capabilities, and accelerating R&D efforts.

In FY24, Euler Motors sold 3,700 vehicles and expanded its operations from 5 to 22 cities. “We welcome the support of both existing and new investors. Our aim is 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, Euler Motors.

To date, Euler Motors has raised a total of ₹770 crore. In the competitive electric three-wheeler market, Euler Motors faces competition from Altigreen and established players like Mahindra Electric, Piaggio, Kinetic Green, and Tata, among others.