EV manufacturing startup Euler Motors has raised $10 million as a part of a $60 million Series B round led by its existing investor QRG Holdings. The round also saw participation from ADB Ventures, Inventus Capital, and Blume Ventures.
The company plans to utilise the amount to set up a factory to ramp up its three-wheeler production. It is targeting to produce 4,100 three-wheeler vehicles within the next year.
Founded in 2018 by Saurav Kumar, Euler Motors manufactures commercial three-wheeler electric vehicles. The startup claims to have already deployed more than 250 three-wheeler EVs to BigBasket, EcomExpress and Udaan.
The New Delhi-based firm also claims to have collectively covered a distance of more than 10 million kilometres to complete 5 million deliveries, contributing to tailpipe emission reductions by over 2 million tonnes.