Euler Motors, a commercial electric vehicles manufacturer, secured an additional Rs 200 crore ($24 million) in the extended Series C round. New investor Piramal Alternatives India Access Fund led the investment. Existing investors, British International Investment and Blume Ventures, also joined in this funding round.
Euler Motors announced in a press release that it will use the new funds to expand its presence across India and enhance its servicing infrastructure in 40 cities by March 2025. Also, the Delhi-based company stated that it has raised Rs 570 crore ($68.6 million) in its Series C round.
In November last year, British International Investment and Blume Ventures co-led an extended Series C round, raising around Rs 120 crore ($14.5 million) for the firm.
Since its inception in 2018, Euler Motors has raised a total of Rs 770 crore in funding. According to startup data intelligence platform TheKredible, Euler received a valuation of about $160 million during an extended Series C round in November 2023.
Euler Motors Founder & CEO Saurav Kumar said:
This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share. With this momentum, we’re ready to accelerate our growth trajectory and lead the transition to commercial EVs in India.
Financial Performance Overview
Euler Motors reports that its commercial electric vehicles have transported goods over 45 million km in total. The HiLoad EV, the flagship model of the company, stands out as the most dominating electric cargo three-wheeler, boasting a range of 170 km.
In FY24, the company witnessed the sale of 3,700 vehicles. Moreover, it increased its presence from just 5 to 22 cities. Following the pattern of many startups, Euler also reduced its workforce by 10% to cut costs and steer through a challenging funding environment.
Euler recorded revenue from operations amounting to Rs 61.53 crore for the fiscal year ending in March 2023, compared to Rs 17.57 crore in FY22. Its losses surged almost 5X to Rs 174.73 crore in FY23 from Rs 36.33 crore in the last year, according to TheKredible. The firm’s investments in creating infrastructure and facilities may be the reason for a significant increase in losses.
Kalpesh Kikani, CEO at Piramal Alternatives, said:
We’re enthusiastic about the wider EV category itself and chosen sub-segment in terms of last-mile mobility within the commercial/logistics category.
Euler Motors’ strong technology and R&D capability position us well in this segment.
Euler Motors competes with Altigreen and well-known players like Mahindra Electric, Piaggio, Kinetic Green, and Tata, among others, in the electric three-wheeler space.
