New Delhi-based Euler Motors, an EV startup that builds three-wheeler commercial vehicles, has raised $60 million in a Series C funding round led by Singapore’s sovereign wealth fund GIC.
The round also saw participation from Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures, and Moglix.
The startup will use the raised capital to scale up its manufacturing and supply chain infrastructure, accelerate product development, and augment talent across key functions in the startup. It will also focus on expanding its distribution network and brand building.
Founded in 2018 by Saurav Kumar, Euler Motors builds three-wheeler commercial vehicles for its partner companies to use for their logistics requirements. The startup launched the HiLoad EV, a three-wheeler with a payload capacity of 688 kg, range of 151 km, and a 12.4 kWh proprietary liquid-cooled battery pack, last year.
It plans to expand its retail presence in 12 new markets by the end of this fiscal year. “This investment will fuel our ambition to establish Euler Motors as a frontrunner to drive the electrification of commercial mobility in India by scaling our manufacturing capacity, expanding distribution footprint, and strengthening the team,” said Saurav Kumar.
Euler said it has also established a charging infra with multiple charging options, customer-centric servicing as well as financing services.
Source @Indianstartupnews
