New Delhi-based electric vehicle start-up Euler Motors recently announced that it has raised ₹20 Crores through its ongoing series A funding round. The fundraiser was led by Inventus Capital along with other participants.
The other investors in the fresh round of funding include Blume Ventures, Singapore-based Jetty Ventures India Investments and Udaan’s co-founder Sujeet Kumar.
The EV company had earlier raised ₹15 Crores from Blume Ventures, US-based Emergent Ventures and angel investor Andrew Lee.
With the new funds, the company plans to hire talent, enhance its research and development (R&D) and launch vehicles across India.
Talking about the new investment, Euler Motors Founder and CEO Saurav Kumar said, “The series A funds will be primarily used for hiring talents, research and development (R&D), and launching our vehicles across the Indian key cities with a focus on localisation of the supply chain.”
Speaking about their participation with the company, Arpit Agarwal, Principal at Blume Ventures said, “Blume Ventures has been associated with Euler Motors since early days. Our initial investment was on the promise of building world-class electric vehicles for Indian conditions. We believe their innovative business model brings down the total cost of ownership (TCO) and makes EVs accessible to many in Indian market.”
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.
In the last 18 months, companies like BigBasket, EcomExpress and Udaan have employed more than 200 prototype e-vehicles of the company for their last-mile delivery, Euler Motors said.
The company has also established a network of 100-plus charging infrastructure in Delhi-National Capital Region for charging over 200 electric vehicles at any point, it added.
“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,” Inventus Capital India MD Rutvik Doshi said.
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