Noida-based EV start-up, Euler Motors on Monday announced that it has raised an additional $10 million led by Delhi-based QRG Investments and Holdings, its first investment in an EV brand in India. Existing investors Inventus Capital India, Blume Ventures, ADB Ventures, Jetty Ventures and Kailash Trust also participated in this fundraising.
Since its launch in 2018, Euler Motors has raised a total of $ 21.6 million. The start-up plans to raise a further $ 50 million in its Series B round in the coming year.
With the funds raised, Euler Motors intends to scale up and strengthen its production capacity to deliver the strong order line up for its recently launched HiLoad EV and also prepare to cater to strong demand from the retail segment, it said in a press release.
Within 10 days of its launch, the company already has an order line-up of 2,500 units, which is expected to reach 4,500 in the next one year. The funds will also be used to expand its presence in both North and South India markets in the next two to three quarters.
Saurav Kumar, Founder and CEO, Euler Motors said at this juncture, both Euler Motors and the EV industry are burgeoning with opportunity, “and we want to create a market with our powerful products and ecosystem solutions to make EVs mainstream.”
“We have made significant strides in building and validating our first three-wheeled electric commercial vehicle, HiLoad EV, as well as broadening the charging and servicing ecosystem. The funding will allow us to further the development and expansion of our operations, and continue building our organisation in all functions with the talent necessary to support our mission,” he added.
Anil Rai Gupta, Chairman, QRG Investments and Holdings said EVs are the future of mobility and the flag bearers for creating much-needed energy security for the world in a sustainable way. Complementing Euler for its customer focus, Gupta said, “Their customer focus around the electric commercial vehicle and the supporting charging and servicing ecosystem has the potential to transform the face of intra-city logistics. We are confident in Saurav’s and his team’s vision, and their passion to bring progressive ecosystem changes for a sustainable future.”
In the past three years since its inception, the company has created a network of 200+ charging stations in Delhi NCR to support electric vehicles on the ground. It has now introduced multiple charging systems as well, which range from mobile ‘Charge on Wheels’ vehicles to advanced charging variants – such as fast chargers and home or onboard chargers, which are available for a seamless customer experience with EVs.
The company claims to have completed over 10 mn deliveries with deployments across customers such as BigBasket, Flipkart, and Udaan, helping reduce carbon emissions of over 2.2 mn tonne.