Euler Motors Aims Wider EV Adoption By Strengthening Charging Network and Pan-India Expansion British International Investment and others have backed the EV startup with INR 120 Crore in Series-C extension round
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Electric Vehicle (EV) startup, Euler Motors, will soon be going in for a pan-India expansion. The three-wheeler EV manufacturer plans to enter 40 cities by the end of FY 2023-24. It also aims to reinforce its service and charging network to boost the adoption of EVs across the country.
To do so, the company has on-boarded two new investors, British International Investment (BII), the UK Government's development finance institution and impact investor and Green Frontier Capital, an investment firm focused on growth companies delivering innovation in green industries. The EV company has raised INR 120 Crore in Series-C extension from these investors and existing investors, Athera Venture Partners, ADB Ventures, Blume Ventures, Alteria Capital, GIC Singapore, and QRG Holdings, who have also reiterated their commitment to the company.
The extension round takes the tally of total investments of the three-wheeler EV manufacturer to about INR 570 crores. The company had last raised $60 million in its Series C round in October last year.
Ride so far and ahead
Founded in 2018 by Saurav Kumar, Euler Motors is an automotive technology OEM focused on electric commercial vehicles. From the beginning, the company has claimed that its EV solutions are technologically superior, cost-effective and competent to transform intra-city logistics in India. Further, it has also continued to focus on accelerating mass electric mobility with EVs that are made for India from India.
By 2021, the startup had established a network of more than 100 charging infrastructure in Delhi NCR that can charge more than 200 EVs at any given point. It also had over 250 vehicles deployed across e-commerce and 3PL companies to fulfill last-mile intra-city delivery requirements.
Today, the startup has a charging network of more than 300 stations in Delhi and Bengaluru. It also claims to be a more effective choice for e-commerce and third-party logistics players and has thus partnered with companies such as BigBasket, Udaan, and Flipkart, who have been focusing on turning their entire fleet into EVs.
Last year, Euler Motors partnered with Three Wheels United (TWU) to increase the adoption of electric three-wheelers (E3Ws) as the former looks to create "first-gen EV driver entrepreneurs". As part of the partnership, TWU and Euler Motors announced the deployment of over 1,000 E3Ws across Delhi-NCR, Bengaluru, Chennai and Hyderabad by the end of the financial year 2023. TWU also provides the required financing solutions for cargo vehicle drivers to switch to EV three-wheelers seamlessly, and Euler Motors assists with access to charging infrastructure, maintenance and service of the vehicles, ensuring minimal downtime for operations. Euler also launched its E3W "HiLoad' to disrupt the 3-wheel cargo vehicle sector.
Talking about newly infused capital, Saurav Kumar, founder and CEO, Euler Motors, said, "The interest and commitment from our new investors, BII & 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."
Over the next year, the company plans to raise funds as needed, to execute its plan to scale up production, presence and services, while setting sight toward the global market. Overall, the startup aims to create superior alternatives to traditional mobility for mass adoption of EVs.
EV Transition in India: An Overview
With climate change becoming a global concern, India is focusing heavily on EVs and is inching closer to 100% EV adoption with each passing day. In August last year, Prime Minister Narendra Modi said EVs are bringing a 'silent revolution' in the country. "Be it two-wheelers or four-wheelers, they don't make any noise. This silence is not only about its engineering, but also the beginning of a silent revolution in the country," said PM Modi.
EV vehicle sales across segments (2W, 3W, 4W and e-buses) grew by 110 per cent in FY22 as compared to the previous year. Around 5.2 lakh units sold across segments in FY 22. "With a rapidly maturing ecosystem - constantly improving battery technologies, supporting infrastructure for charging, homegrown manufacturing and component suppliers, policy support - we think the EV juggernaut is just getting started and adoption will continue to increase over time," said Arpit Maheshwari, Principal, Stellaris Venture Partners, said in an earlier interview.
Experts say that investment in the space also continues to be strong. According to Tracxn, a data intelligence platform, between January-August 2023, deals worth $1.2 billion were announced in the Indian EV ecosystem as against 131 deals worth $1.9 billion in 2022.