Electric vehicle maker Euler Motors has raised ₹120 crore in the ongoing series-C extension round from British International Investment (BII), the UK Government’s development finance institution and impact investor.
The round saw participation from Green Frontier Capital, India’s first investment firm focused on growth companies in green industries, and existing investors such as Athera Venture Partners, ADB Ventures, Blume Ventures, Alteria Capital, GIC Singapore and QRG Holdings.
Further, the extension round takes the tally of total investments to around ₹690 crore. According to the company, the capital raised in this round will be deployed strategically to drive its pan-India expansion initiatives of entering 40 cities by the end of FY24. In addition, the funds will also enable the company to reinforce its service and charging network nationwide.
“The interest and commitment from our new investors, British International Investment and Green Frontier Capital, along with continued support from our internal investors, reaffirm our belief that we are on the right path to becoming the number one commercial vehicle company in India,” said Saurav Kumar, Founder and CEO of Euler Motors.
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 its sights on the global market.
Manav Bansal, Managing Director and Head of India, British International Investment, notes that climate finance is a key part of our Indian investment strategy. “In total, BII expects to invest $1 billion in 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.”