Euler Motors Closes Series A Round At $9.5 Mn
The company will utilize fresh funds for its upcoming launch of three-wheeler cargo vehicles this year, and support market expansion in India
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New Delhi-based Euler motors on Thursday announced closing of its Series A funding round at $9.5 million, with additional investments of $2.6M raised from new investor ADB Ventures, the venture investing arm of Asian Development Bank and existing investor Blume Ventures.
This also marks the first investment by ADB Ventures in an EV company globally.
The company will utilize fresh funds for its upcoming launch of three-wheeler cargo vehicles this year, and support market expansion in India to cities like Bangalore, Kolkata, Ahmedabad & Pune – in addition to Delhi NCR.
Founded in 2018 by Saurav Kumar, Euler Motors is an automotive technology OEM focused on electric commercial vehicles (EVs). The company claims that its EV solutions designed for the Indian customer are technologically superior, cost-effective, and competent to transform intra city logistics in India.
Commenting on the latest development, Kumar said, "ADB Ventures' investment in Euler Motors signals a growing market readiness for EV in India. We are delighted and proud that ADB Ventures have chosen Euler Motors as their first investment in an EV company. We believe it is testimony to our execution so far against our defined vision, and the quality of our innovation."
On its first investment in an EV company in India, Daniel Hersson, senior fund manager, ADB Ventures, said, "Euler Motors has positioned itself to capitalize on tailwinds including falling battery prices, policies favoring a transition to electric vehicles, and increasing demand for last-mile delivery solutions. It's a great example of a company that has the right tech and business model at the right place and time."
The said round follows capital infusion worth $4 million led by existing investors Inventus Capital and Jetty Ventures which was announced earlier this month. Till date, the startup has raised $11.6 million.
The startup has established a network of over 100 charging infrastructure in Delhi NCR that can charge more than 200 electric vehicles at any given point. Euler has over 250 vehicles deployed across ecommerce and 3PL companies to fulfill last-mile intra-city delivery requirements.