Euler Motors, a commercial electric vehicle manufacturer, has raised ₹437.5 Cr ($47 Mn) in a Series E funding round. The round was led by new investor Lightrock, with participation from existing investors Hero MotoCorp and Blume Ventures.
Alongside the equity infusion, Euler Motors has also secured about ₹250 Cr ($26.6 Mn) in debt from BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital. The fresh capital will support the company’s next phase of growth, focusing on expanding its product line and manufacturing capacity. The company also intends to scale its network across India and strengthen its operations.
Company Context
Founded in 2018, Euler Motors builds electric three- and four-wheeler commercial vehicles for last-mile logistics. Its products include HiLoad EV in the three-wheeler segment and models such as Storm EV and Turbo EV 1000 in the four-wheeler category. The startup now claims to be the second-largest player in India’s electric four-wheeler commercial vehicle segment by market share, with around 22% share in the four-wheel cargo category. It operates close to 100 touchpoints across the country.
Industry Context
This funding round is significant for the electric vehicle sector in India, as it highlights the growing interest of investors in commercial EV manufacturers. Euler Motors’ expansion plans will contribute to the growth of the electric vehicle market in the country, which is expected to reach $206.1 billion by 2030, according to a report by MarketsandMarkets.
If you are exploring hardware development, connect with BangDesign’s product design team.
Source: Inc42