New Delhi-based electric vehicle (EV) startup Euler Motors has raised INR 20 Cr in Series A funding round led by Inventus Capital India. Blume Ventures, Singapore-based Jetty Ventures India and B2B ecommerce platform Udaan’s cofounder Sujeet Kumar.
Euler Motors will use the latest funding to hire talent, research and development (R&D) and supply chain localization. It is also looking to use this funding to expedite its product and technology as well as scale its network of charging and service stations across India. Besides this, the New Delhi-based startup also plans to launch its three-wheeler EV for commercial logistics by the end of this year.
“Euler Motors wants to accelerate the adoption of commercial electric vehicles by creating a full-stack ecosystem with Indian centric EVs, charging and service station networks,” Saurav Kumar, founder and CEO of Euler Motors said. Prior to this, it raised INR 15 Cr in Pre Series A from Blume Venture, US-based Emergent Ventures, and Andrew Lee. So far, the EV startup has raised more than INR 35 Cr.
Founded in 2018, Euler Motors is an automotive technology startup that focuses on light commercial electric mobility or EV. So far, the company has supplied more than 200 prototype EVs to grocery delvey platform BigBasket, logistics solution provider EcomExpress and Udaan, who have used vehicles to power their last-mile delivery operations. Besides this, the company has also established a network of more than 100 charging infrastructure in Delhi NCR, which can change more than 200 EVs at any given time.
Commenting on Euler Motors’ operations, Arpit Agarwal, principal at Blume Ventures, added, “We are happy to see that the vehicle has become a dependable resource for last-mile delivery companies. This, and upcoming models, inspire a lot of confidence in the ability of Saurav to execute in a very tough market like India. We believe their innovative business model brings down the total cost of ownership (TCO) and makes EVs accessible to many in the Indian market.”
Euler Motors, in its press statement, added that it also has a dedicated manufacturing and R&D facility for production of light commercial EVs along with automotive-grade lithium-ion battery packs that could match the performance required for intra-city logistics in all-weather, temperatures and road conditions.
The company aims to reduce the Indian transportation ecosystem’s reliance on internal combustion engines to the new age emobility. Rutvik Doshi, managing director at Inventus Capital India believes, “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.”
According to the World Economic Forum, which was produced in collaboration with Ola Electric Institute, Indian has the potential to become the largest EV market in the world. Meanwhile, RMI Breakthrough Batteries Report, added electric two and three-wheelers will account for over 80% of such passenger vehicles sold by 2030.