Euler Motors, which is backed by Singapore’s sovereign wealth fund GIC, has closed its Series C funding round with additional funding of Rs 200 crore ($24 million) led by existing investors British International Investment, Blume Ventures and new investor Piramal Alternatives.
An automotive OEM focused on electric commercial vehicles, Euler Motors has raised Rs 570 in the entire round and Rs 770 crore since its inception in 2018.
With the new funds, Euler Motors aims to scale its pan-India presence and servicing infrastructure and establish a presence in 40+ cities by FY25, which ends in March 2025. In FY24, the company sold 3,700 vehicles versus 900 units sold in FY 2023.
In FY 2024, the company expanded its presence from five to 22 cities, compared to its previous plan to enter 40 cities by the end of FY 2023-24.
“There were plans to expand to 40 cities by FY 24, however, due to heightened demand in our existing markets, we needed to prioritize those first.” Euler Motors said in response to a request for comment by DealStreetAsia.
The company also plans to invest in its strategic initiatives to drive product development, bring new variants, enhance technological capabilities, and accelerate R&D efforts.
“We remain enthused both by the wider EV category itself as well as our chosen sub-segment in terms of last-mile mobility within the commercial/logistics category and Euler Motors’ relative positioning on the back of its strong technology and R&D capability,” said Kalpesh Kikani, CEO, Piramal Alternatives.
Piramal Alternatives’ investment in Euler Motors is its first direct co-investment from the recently launched Piramal Alternatives India Access Fund (Fund of Funds).
In 2022, Euler Motors raised $60 million in funding led by GIC. Other investors in the company include Moglix, a business-to-business e-commerce firm for industrial products; Athera Venture Partners (formerly Inventus India); QRG Holdings; and ADB Ventures.
While the company declined to disclose its valuation, Tracxn has pegged it to be $159 million, as of Oct 07, 2022.
Euler Motors had 420 employees as of Mar 24. The total employee count is 30.5% lower than what it was in Mar 2023, according to Tracxn. The company had laid off employees in April last year to cut costs.
