Euler Motors Pvt. Ltd, a New Delhi-based automotive tech startup, announced that it has raised Rs 12.5 crore in its Series A round of funding led by an early-stage investor Inventus Capital Partners, according to a VCCircle report.
Other investors that took part in the funding round include Jetty Ventures and Sujeet Kumar, co-founder of VC-backed business-to-business (B2B) e-commerce platform Udaan. Existing backer Blume Ventures is pooling in Rs 4.6 crore into this funding exercise, according to RoC filings.
As part of the deal, Rutvik Doshi, a general partner at Inventus, has joined Euler Motor’s board.
Founded in 2018 by Saurav Kumar, Euler Motors is focused on first solving last-mile logistics for e-commerce and third-party logistics provider players to accelerate India’s transition to sustainable mobility, according to its website.
The startup has partnered with companies such as BigBasket, Blue Dart, Ecom Express and Udaan. Earlier in 2019, Euler Motors had raised funding from Blume Ventures, Emergent Ventures and an individual investor.
According to Company’s website, Euler aims to become the category leader for cargo transport by driving the Electric Vehicle Revolution in India.
