GIC leads $60 Mn round in Euler Motors

Update: Euler Motors on Tuesday announced that it has raised $60 million in its series C fundraise, led by GIC Singapore. The funding round also saw participation by Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures and Moglix. 

Original story follows:

Electric vehicle startup Euler motors raised $27 million or Rs 214 crore led by Caladium Investments (GIC Ventures). The Delhi-based company has already raised $15 million in an ongoing Series B round across two tranches.

Last week, Entrackr had exclusively reported about this round.

The board at Euler motors has passed a special resolution to issue 10 equity and 75,796 Series C CCPS at an issue price of Rs 28,230 per share to raise Rs 214 crore or $27 million, a regulatory filing with the Registrar of Companies (RoC) shows.

Caladium Investments (GIC Ventures) spearheaded the round with Rs 187.5 crore while QRG Investments and Holdings pumped in Rs 22.73 crore. Oxy Ventures and Aleria capital also participated with Rs 1.8 crore and Rs 2 crore respectively.

Following the investment, Caladium Investments holds 14.83% of Euler while existing investors QRG Investments command 7.70%.

As per Fintrackr’s estimates, the company has been valued at around Rs 1,300 crore or $163 million (post allotment). Euler is likely to mop up more funds in this round and its valuation and shareholding will change accordingly.

Euler Motors manufactures three-wheeler electric vehicles and has deployed fleets for Flipkart, BigBasket, Ecom Express, Amazon and Udaan for their last-mile delivery. 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.

In a recent statement to Entrackr, Euler’s founder and CEO Saurav Kumar said that the company has commenced retail deliveries this year and plans to raise its production capacities to 1,000 units per month in the next fiscal year.

In the electric three-wheeler segment, Euler competes with Sixth Sense Ventures and Reliance New Energy-backed Altigreen and established legacy players like Mahindra Electric, Piaggio, Kinetic Green, and Tata, among others.

While Euler is yet to file its financial statement for FY22, its revenue from operations grew 76% to Rs 11.05 crore in FY21. The company posted a loss of Rs 19.14 crore during the fiscal year (FY21).

As per data compiled by Fintrackr, electric startups saw an uptick in funding from $195 million in 2020 to $570 million in 2021 and more than $670 million in 2022 so far. Overall, India’s electric vehicle industry attracted massive investments of about $6 billion in 2021 and is projected to attract $20 billion by 2030, according to a report by Ernst & Young.