Posted by Priya Singh On 04-Oct-2022 02:25 PM
The funding will be used to scale up the manufacturing and supply chain, as well as focus on product development and hire new talent across various functions and departments.
Euler Motors, an electric commercial vehicle manufacturer, announced a $60 million series C funding round led by GIC Singapore. Euler Motors was advised on this funding by Avendus Capital. Blume Ventures, Athera Venture Partners, QRG Holdings, ADB Ventures, and Moglix also participated in the funding round.
Use of Funding
The funding will be used to scale up the manufacturing and supply chain, as well as focus on product development and hire new talent across various functions and departments. It will also invest in expanding its distribution network, marketing and brand development. Euler Motors intends to expand its retail presence in 12 new markets by the end of this fiscal year.
Saurav Kumar, Founder & CEO of Euler Motors, commented on the fundraising, saying, "This is the time for electric mobility in India, and we aspire to be a leading player in the growing Indian electric commercial vehicle segment. Our goal is to create not only industry-leading products but also an ecosystem to support the EV transition. We are delighted to welcome GIC, one of the world's leading investors, to our board of directors. This investment will fuel our ambition to position Euler Motors as a leader in the electrification of commercial mobility in India by expanding our distribution footprint, strengthening our team, and delivering delightful experiences to our customers."
About Euler Motors
Euler Motors was founded in 2018 by Mr Saurav Kumar, with the goal of creating innovative and technologically superior electric vehicles for the commercial mobility market. The company's goal is to accelerate the global transition to electrification and contribute to the sustainability of mobility. Euler Motors has also built a strong charging infrastructure with multiple charging options, customer-centric servicing, and financing services.
It currently employs 1,400 people. Kumar stated that the company will hire more people across all operations by the end of the fiscal year.
Euler Motors launched the HiLoad EV last year. HiLoad EV is India's most powerful electric three-wheeler with a payload capacity of 688 kg, the longest range at 151 km, and a 12.4 kWh proprietary liquid-cooled battery pack.
HiLoad EV now has a large and rapidly expanding order book of over 9000 vehicles.
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