Euler Motors, an automotive start-up focused on electric commercial vehicles (EVs) has closed its Series A funding round at $9.5 million, with additional investments of $2.6 million raised from new investor ADB Ventures, the venture investing arm of Asian Development Bank, and existing investor Blume Ventures.
The new funds will be used for Euler Motors’ upcoming launch of three-wheeler cargo vehicle this year, and support market expansion in India to cities like Bangalore, Kolkata, Ahmedabad & Pune, in addition to Delhi NCR. Also, the company prepares to launch an advanced technology L5 vehicle in the upcoming quarter, according to a statement.
“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. Blume Ventures have been a continuous source of support to us in the Series A,” said Saurav Kumar, Founder & CEO, Euler Motors.
“Euler Motors has positioned itself to capitalise on tailwinds including falling battery prices, policies favouring 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,” Daniel Hersson, Senior Fund Manager, ADB Ventures, said on its first investment in an EV company in India.
This round follows capital infusion of $4 million-led by its existing investors — Inventus Capital and Jetty Ventures — announced earlier this month.
With this, Euler Motors has raised a total of $11.6 million since inception in 2018.
Euler Motors has established a network of 100+ charging infrastructure in Delhi NCR that can charge 200+ electric vehicles at any given point and boasts over 250 vehicles deployed to fulfill last-mile intra-city delivery requirements.
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