Euler Motors has successfully raised INR 120 Crore in its ongoing series-C extension round, strengthening its commitment to sustainable mobility and the green energy transition in India. The latest round of funding brings two prominent investors on board. British International Investment (BII), the UK Government's development finance institution and impact investor, is co-investing with Blume Ventures, marking the UK's involvement in India's electric mobility sector. Green Frontier Capital, India's first investment firm dedicated to growth companies driving innovation in green industries, is also contributing to Euler Motors' vision.
The total investments in Euler Motors now reach approximately INR 570 crore, signifying strong investor confidence in the company's growth trajectory. The funds raised will be allocated strategically to support Euler Motors' nationwide expansion plans, aiming to enter 40 cities by the end of the fiscal year 2023-24. Additionally, the capital will bolster the company's service and charging infrastructure across the country, further facilitating the adoption of electric vehicles.
Euler Motors is dedicated to building partnerships with like-minded visionaries who share its goal of promoting EV adoption. In the coming year, the company plans to secure additional funds to scale up production, expand its presence, and offer enhanced services, with an eye on the global market.
Euler Motors' existing investors, including Athera Venture Partners, ADB Ventures, Blume Ventures, Alteria Capital, GIC Singapore, and QRG Holdings, have reaffirmed their commitment by participating in this extension round.
Saurav Kumar, Founder & CEO of Euler Motors, expressed his gratitude for the interest and commitment from new investors. He noted that this support comes at a crucial time, reinforcing the company's position as a leading commercial vehicle manufacturer in India.
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