Exclusive: Commercial EV startup Euler scoops up Series A round

Inclusion of an electric vehicle fleet has been a priority for e-commerce companies to reduce the cost of the last-mile delivery. Amazon, Grofers, BigBasket, Udaan and many other companies have been leveraging electric vehicles to cut down expenditure on fuel and carbon footprints.

Delhi-based Euler Motors is one of the startups that’s helping both consumer and business-facing companies to enable electric fleets for facilitating last-mile logistics. The brainchild of serial entrepreneur Saurav Kumar, Euler has raised Rs 20 crore in an ongoing Series A round led by Inventus III India Fund.

According to regulatory filings, the company has allotted 41,753 Series A CCPS and 10 equity shares at a price of Rs 4547.56 each to Fortius, Blume Ventures, Jetty Ventures and Udaan’s co-founder Sujeet Kumar.

In the first tranche of the Series A financing, Euler Motors received  Rs 12.5 crore from Inventus III while Blume Ventures infused Rs 4.6 crore.  Jetty Ventures and Sujeet Kumar added the remaining Rs 1.9 crore.

Following the new round, Blume Ventures and Inventus will hold 22.84% and 13,98% stake respectively while Sujeet Kumar will control 1.01% equity. Singapore-based Jetty Venture will hold 1.12% stakes.

Following the tranche, Kumar’s equity reduced from 63.25% to 50.87%.

As per Fintrackr’s calculation, Euler Motor has been valued at an estimated Rs 93 crore post this fresh equity funding. The company competes with many manufacturers in the three-wheel EV space, but its partnership with e-commerce and cargo companies sets it apart from the crowded market.

Euler Motor’s EV three-wheelers are being used for cargo and parcel deliveries in NCR. At present, several firms such as BigBasket, EcomExpress, BlueDart, Udaan have been using its vehicles. The company claims that its vehicles provide a range of 80-100 kilometres on a single charge with a maximum load-carrying capacity of 500 kilograms.

The two-year-old firm had raised Pre Series A round last year from Emergent Ventures and others.

Euler Motors’ website claims that the overall cost of EV ownership is actually lower than diesel vehicles. Diesel vehicles operate at Rs 2.5 per kilometre while a Euler vehicle runs a kilometre on Rs 0.6. An alumnus of Delhi College of Engineering, Kumar is a second-time entrepreneur. He sold his previous venture Cube26 to digital payments major Paytm in 2018.

Update: Euler has raised Rs 20 Cr in this round