Euler Motors, an electric vehicle company building commercial vehicles has raised USD 60 million in its series C fundraise, led by GIC Singapore. The funding round also saw participation by Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures and Moglix.
Euler Motors will use the funds from this capital raise to scale up its manufacturing and supply chain infrastructure, accelerate product development and augment talent across key functions in the organisation. The company will also invest in expanding its distribution network and brand building while continuing to focus on its core values of innovation, performance, and design. With this, Euler Motors plans to expand its retail presence in 12 new markets by the end of this fiscal.
Commenting on the fundraiser, Saurav Kumar, Founder & CEO, Euler Motors said, “We are proud to welcome GIC, one of the world’s leading investors to our cap table. This investment will fuel our ambition to establish Euler Motors as a frontrunner to drive the electrification of commercial mobility in India by scaling our manufacturing capacity, expanding distribution footprint and strengthening the team to deliver delightful experiences to our customers”.
Last year, Euler Motors launched HiLoad EV, India’s most powerful electric cargo three-wheeler with an industry-leading payload capacity of 688 kg, the highest range at 151 km and a 12.4 kWh proprietary liquid-cooled battery pack. HiLoad EV now has a strong and rapidly growing order book of 9000+ vehicles. Euler Motors has also established a robust charging infra with multiple charging options, customer-centric servicing as well as financing services.