Exclusive: Euler Motors in talks to raise $50 Mn led by GIC

Commercial electric vehicle manufacturing startup Euler Motors appears close to raising its largest funding round. The Delhi-based company is in advanced conversation with new and existing backers to close its ongoing Series B round, according to two sources aware of the details of the deal.

“Singapore’s sovereign wealth fund GIC is in late-stage talks to lead anywhere between $45-50 million in a new round,” said one of the sources requesting anonymity as talks are private.

According to sources, existing investors such as QRG Investments and Holdings, Inventus Capital and Blume Ventures will also invest in the financing round. “Euler Motors will be valued in the range of $250-300 million,” said the second source who also preferred not to be named.

If the deal gets through, the company’s valuation will soar up 2.5 to 3X as it was valued at around $70 million in April when B2B e-commerce unicorn Moglix had put in $5 million in Euler. Entrackr had exclusively reported the development then. Euler has raised $15 million in the ongoing Series B round and a total of $26 million to date.

Founded by Saurav Kumar, Euler Motors manufactures three-wheeler electric vehicles and has deployed fleets for BigBasket, Ecom Express, Amazon and Udaan. The company aims to sell about 5,000 vehicles by the end of the ongoing fiscal year (FY23). Besides bulk orders, the company also started franchise models in Delhi and Haryana, as per its website.

Queries sent to Euler Motors and GIC on Monday didn’t elicit any response. We will update the story in case they respond.

EV startups have scooped up over $670 million in 2022 so far, up from $570 million in 2021 and $195 million in 2020, according to our data tracking platform Fintrackr.

In the electric three wheeler segment, India has seen very few startups, including Euler Motors and Altigreen. Earlier this year, Altigreen raised nearly $40 million in its Series A round from Sixth Sense Ventures, Reliance New Energy and others. Meanwhile, established legacy players like Mahindra Electric, Piaggio, Kinetic Green, and Tata, among others are the leading electric three wheeler cargo manufacturing space.