EV manufacturing startup Euler Motors has raised around $5 million from b2b industrial goods marketplace Moglix. This appears to be a part of the Noida-based startup’s Series B round which kicked off in November last year.
Euler Motors has issued 26,381 Series B3 CCPS having a face value of Rs 100 per share and a premium of Rs 14,086 per share amounting to Rs 37.42 crore or $5 million to Mogli Labs Pvt Ltd, regulatory filings show.
Euler Motors has now raised over $26 million since its inception in 2018. According to the company, it has plans to close the ongoing round at around $60 million. The company counts QRG Investments and Holdings, Inventus Capital India, Blume Ventures, ADB Ventures and Jetty Ventures as its investors.
As per Fintrackr’s estimates, the company has raised this tranche at a post-money valuation of Rs 530 Cr or $70 Mn.
Founded 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, Ecom Express and Udaan. It also said that it received orders for about 2,500 vehicles from Flipkart and BigBasket and aims to sell about 5,000 vehicles by the end of FY23.
For the fiscal year ending on March 31, 2021, Euler Motors recorded a surge of 76% in its operating revenue to Rs 11.05 crore from Rs 6.28 crore in FY20. The total expenditure of the company jumped nearly 98% to Rs 30.4 crore in FY21 from Rs 15.33 crore in the previous fiscal (FY20). As a result, it incurred a 121% jump in its losses to Rs 19.14 crore in FY21 as compared to Rs 8.66 crore in the preceding fiscal year.
Tiger Global-backed Moglix had entered the unicorn club following a $120 million round in May last year. The company raised another round worth $250 million in January this year at a valuation of $2.6 billion. Entrackr was first to report about Moglix upcoming financing round.
In July 2021, Moglix had acquired Vendaxo, an e-commerce platform for buying and selling used machinery for an undisclosed sum.