Euler Motors raises ₹120 crore in Series-C extension round

Saurav Kumar, Founder & CEO of Euler Motors, said, “The interest and commitment from our new investors, British International Investment & Green Frontier Capital along with continued support from our internal investors reaffirms our belief that we are on the right path to becoming the number one commercial vehicle company in India. Their partnership comes at an important time in the world economy and will fuel our journey towards achieving our vision of leading the electric vehicle transformation in India.”

Manav Bansal, MD and Head of India, British International Investment, said, “Climate finance is a key part of our Indian investment strategy. In total BII expects to invest $1 billion on climate finance in India between 2022 and 2026. We are delighted to work with Euler Motors on accelerating EV development in India, particularly in the commercial cargo transportation segment. This segment is important, both for job creations and emission reduction, which is in line with our strategic objectives to promote productive, sustainable and inclusive economic growth.”

Sandiip Bhammer, Managing Partner, Green Frontier Capital, said, “At Green Frontier Capital, we’re deeply committed to fostering a robust climate-tech ecosystem in India by investing in trailblazing companies which offer sustainable solutions with worldwide implications. Our investment in Euler Motors, facilitated by our collaboration with Saurav and his dynamic leadership team, signifies our profound faith in the transformative promise of sustainable technologies targeted from within the mobility sector. We envision Euler Motors’ position as a pre-eminent one in the Electric Commercial Vehicle OEM domain. Venturing into an industry primed for groundbreaking growth, we’re confident in the company’s superior product quality and its strategic market placement. As India (and the rest of the world) strides towards a more sustainable future, we anticipate Euler Motors will shine prominently among our portfolio of innovative leaders, all resonating with our collective aspirations and values.”

Over the next year, the company also plans to raise funds as needed to execute its plan to scale up production, presence, and services, while setting its sights on the global market.

Since its inception in 2018, Euler Motors has been enabling sustainable mobility, with its commercial electric vehicles having collectively transported goods over 45 million kilometres. Despite economic challenges, the company claims it has maintained its focus on sustainable growth, drawing the attention of global investors who acknowledge the immense potential of Euler Motors’ HiLoad vehicle. The new HiLoad EV is a powerful electric cargo three-wheeler, with the industry’s highest 13 (12.96) kWh battery pack, a 170 km ARAI certified range (Real RangeTM 100-120 km), and a 30% higher payload capacity (688 kg), with a proprietary liquid-cooled battery. Euler Motors continues to expand access to the EV ecosystem via charging infrastructure, service, and financing.