Euler Motors, an electric commercial vehicles builder, has raised $60 million in a fundraising round led by GIC Singapore. The series C funding round also saw participation by Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures, and oglix.
Euler Motors will use the funds to scale up its manufacturing and supply chain, product development, and augment talent. It will invest in the distribution network and brand building as it expands its retail presence in 12 new markets by the end of this fiscal.
“Our vision is to not only develop industry-leading products but also the ecosystem to support the EV transition,” said Saurav Kumar, founder, and chief executive officer of Euler Motors. “This investment will fuel our ambition to establish Euler Motors as a frontrunner to drive the electrification of commercial mobility in India.”
Euler Motors, which was established in 2018, said it is facilitating the global transition to electrification and making mobility sustainable. Last year, Euler Motors launched the HiLoad EV, an electric cargo three-wheeler with an industry-leading payload capacity of 688 kg. The EV now has an order book of over 9000 vehicles. Euler Motors said it has established a charging infrastructure with multiple charging options, customer-centric servicing as well as financing services.
India’s EV segment is pegged to receive investments worth $12.6 billion across the automotive supply chain over the next five years, according to a 2021 joint report by Indospace and Colliers. The report also pointed out that 64% of the investments will be made in automakers and the rest in battery manufacturing.
Investments in the EV space have picked up pace after a slight lull in 2020. In 2021, total private equity and venture capital investments in the EV segment grew eightfold to $1.7 billion in 2021, from $181 million in 2020, according to a joint report titled ‘Electrifying Indian Mobility’ by IVCA-EY-Induslaw.
Bullish on burgeoning demand, higher sales forecast and a supportive regulatory environment around the EV ecosystem, investors are expected to double down on their investments.