Electric vehicle start-up based in New Delhi, Euler Motors has raised $2.6 Million in its ongoing funding round. The round saw participation from venture arm of Asian Development Bank and existing investor Blume Ventures.
Speaking on the investment, Saurav Kumar, Founder and CEO, Euler Motors, said, “ADB Ventures’ investment in Euler Motors signals a growing market readiness for EV in India. We are delighted and proud that ADB Ventures have chosen Euler Motors as their first investment in an EV company.”
The company has a dedicated manufacturing and R&D facility for production of light commercial electric vehicles (EVs) along with automotive-grade lithium-ion battery packs that could match the performance required for intra-city logistics in all-weather, temperatures and road conditions.
Speaking on the startup, Inventus Capital India MD Rutvik Doshi commented, “Euler Motors is an early front-runner in the space and is well-positioned to build the EV ecosystem. Saurav and the team have built an impressive product with a unique approach to making it work at scale.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.