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Unpacking Euler Motors’ financial numbers in FY22


Commercial electric vehicle startup Euler Motors scooped up a $60 million worth round in October 2022 led by GIC. While the impact of this funding could be noticed when the five year-old firm would file its FY23 numbers, Euler grew its scale by 60% during FY22.

Euler Motors’ gross revenue grew to Rs 17.6 crore during last fiscal year as compared to Rs 11 crore in FY21, according to the company’s annual financial statement with the RoC.


Euler majorly makes money from providing logistics solutions to individuals and corporate customers through their electric vehicles. Collection for this vertical increased 12.2% to Rs 10.1 crore in FY22.

The company also manufactures and sells electric vehicles, batteries, charging stations, accessories and sales of these products spiked around 2.5X to Rs 5.08 crore in FY22 from Rs 2.05 crore in FY21. It also earned Rs 2.35 crore of finance income which took its overall revenue to Rs 19.93 crore in the fiscal year ending March 2022.

On the expense front, employee benefits contributed 22% to the total cost which surged over 2X to Rs 12.37 crore in FY22 while cost of materials spiked 2.8X to Rs 9.95 crore. Security and manpower services comprising payments to contractual agencies for providing drivers for e-loaders grew 26.7% to Rs 8.83 crore during the year.

Further, repair-maintenance, advertising-promotional, and rent expenses stood at Rs 4.33 crore, Rs 1.15 crore and Rs 2.24 crore respectively. In total, its expenses went up 86% to Rs 56.6 crore in FY22 from Rs 30.4 crore in FY21.

Following the surge in expenses, Euler’s losses jumped nearly 90% to Rs 36.3 crore in FY22 against Rs 19.14 crore in FY21. Its operating cash outflows were registered at Rs 68.5 crore during the same period.

On a unit level, Euler spent Rs 3.22 to earn a rupee of operating income. At the end of FY22, it has Rs 10 crore of inventories and Rs 66 crore worth of cash and cash equivalents at its balance sheet.

The company aims to sell about 5,000 vehicles by the end of the ongoing fiscal year (FY23). 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.

Euler Motors has raised over $75 million to date including a Series C round of $60 million led by GIC Singapore. Entrackr had exclusively reported about the fundraise in October 2022.

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