Euler Motors, an automotive technology start-up focussing on commercial electric vehicles (EVs), has raised ₹20 crore as a part of its ongoing Series A funding led by the Inventus Capital India.
The other investors in this round include Blume Ventures, Singapore-based Jetty Ventures India Investments and Udaan co-founder Sujeet Kumar. Including this series, Euler Motors has so far raised more than ₹35 crore.
“The Series A funds will be primarily used for hiring talents, R&D and launching our vehicles across the Indian key cities with a focus on localisation of the supply chain,” Saurav Kumar, founder and CEO of Euler Motors, said.
Euler Motors will utilise the funding to expedite its product and technology and scale its network of charging and service stations across India. The company plans to launch its three-wheeler EV for commercial logistics by the end of this year.
“For India to unlock the next wave of growth in electric mobility, it is essential to drive the adoption in the commercial vehicle segment with superior electrical vehicles and infrastructure. Euler Motors is an early front-runner in the space and is well-positioned to build the EV ecosystem,” Rutvik Doshi, Managing Director of Inventus Capital India, said.
Earlier, as part of its pre-series A round, the company had raised ₹15 crore from Blume Venture, US-based Emergent Ventures and Andrew Lee.
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