Euler Motors, an electric vehicle manufacturer, has raised an additional $24 million in Series C funding, further establishing its commercial EV presence with significant contributions from investors like British International Investment and continuing to innovate with models like the HiLoad EV.
The company plans to use this fresh capital to expand its presence across India and enhance its service infrastructure, aiming to establish a presence in over 40 cities by the fiscal year 2025. Additionally, Euler Motors will invest in product development and boost its technological and R&D capabilities.
“This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share,” Saurav Kumar, Founder and CEO of Euler Motors, said in a statement.
Investors and Funding History
The funding round saw participation from existing investors, such as British International Investment and Blume Ventures, along with new investor Piramal Alternatives India Access Fund. In FY24, Euler Motors had 3,700 HiLoad EVs operational across 22 cities. The company has raised a total of Rs 770 crore since its inception in 2018.
Euler Motors’ flagship model, the HiLoad EV, is noted for its range of 170 kilometers, making it the most potent electric cargo three-wheeler. The company’s commercial electric vehicles have transported goods over 45 million kilometers.
“We remain enthused both by the wider EV category itself as well as our chosen sub-segment in terms of last-mile mobility within the commercial/logistics category and Euler Motors’ relative positioning on the back of its strong technology and R&D capability,” said Kalpesh Kikani, CEO at Piramal Alternatives.
Financial Performance and Challenges
Despite its growth, Euler Motors faced challenges, laying off 10 percent of its workforce to manage costs amid a tight funding environment. For the fiscal year ending in March 2023, the company reported a revenue of INR 61.53 crore, up from INR 17.57 crore in FY22. However, losses surged nearly fivefold to INR 174.73 crore due to significant investments in infrastructure.
Euler Motors competes with companies like Altigreen and established players such as Mahindra Electric, Piaggio, Kinetic Green, and Tata in the electric three-wheeler segment.
Euler Motors continues to push forward in the electric vehicle market, leveraging new funding to expand and enhance its offerings. With a focus on scaling operations and developing innovative products, the company is poised for significant growth in the coming years.
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