Three-wheeler electric vehicle manufacturer Euler Motors has raised Rs 120 crore (approximately $14.5 million) in an extended Series C round co-led by British International Investment (BII) and Blume Ventures.
New investor Green Frontier Capital and other existing investors Athera Venture Partners, ADB Ventures, Alteria Capital, GIC Singapore, and QRG Holdings have also participated in the round.
Founded by Saurav Kumar in 2018, the Delhi-based company has managed to mop up Rs 690 crore in total equity capital to date. The proceeds will be used to accelerate Euler Motors’ expansion to enter 40 cities by the end of FY24, Euler Motors said in a press statement.
Almost a year ago, Euler Motors raised $60 million in a funding round led by GIC Singapore. Entrackr had exclusively reported the Series C round in September 2022.
According to Euler Motors, its commercial electric vehicles collectively transported goods over 45 million kilometers. The company’s flagship model HiLoad EV claims to be the most powerful electric cargo three-wheeler, with a range of 170 kilometers.
Euler Motors has deployed fleets for e-commerce and logistics companies such as BigBasket, Ecom Express, Amazon and Udaan. The company aims to sell about 5,000 vehicles by the end of the ongoing fiscal year (FY23). Apart from bulk orders, the firm also started franchise models in Delhi and Haryana, as per its website.
Euler Motors reported Rs 19 crore in total revenue in the fiscal year ending March 2022 or FY22. The company’s losses stood at Rs 36 crore in FY22, according to startup data intelligence platform TheKredible. It is yet to file FY23 audited numbers.
Earlier this year, Euler also laid off 10% of its employees citing restructuring efforts.
In the electric three-wheeler segment, it competes with Altigreen and established legacy players like Mahindra Electric, Piaggio, Kinetic Green, and Tata, among others.