Euler Motors Raises $60 Mn In Round Led By GIC To Scale Up EV Manufacturing

New Delhi-based three-wheeler electric vehicle (EV) manufacturer Euler Motors has raised $60 Mn in its Series C round led by Singapore’s sovereign fund GIC. The round also saw participation from Euler Motors’ existing investors Blume Ventures, Athera Venture Partners, ADB Ventures, QRG Holdings, and B2B unicorn marketplace startup Moglix. 

As per a regulatory filing of Euler Motors, GIC invested close to $23 Mn in the round to acquire a 14.83% stake in the EV manufacturer. 

In a statement, the startup said it will utilise the fresh funds to scale up its manufacturing and supply chain infrastructure, accelerate product development and increase employee headcount. 

Euler Motors will also use the fresh capital to expand its distribution network. The startup also expressed its intention to expand into 12 new markets by the end of the ongoing fiscal year. 

Inc42 exclusively reported in November last year that Euler Motors had raised $10 Mn from QRG Holdings, ADB Ventures, Inventus Capital, and Blume Ventures. The startup’s founder Saurav Kumar then told Inc42 that another $60 Mn would soon be infused into the startup. The latest round seems to be a part of what Kumar said last year. 

In March last year, Euler Motors bagged $9.8 Mn in its Series A round from ADB and Blume Ventures. Inventus India, Jetty Ventures, Growth Story’s Srinivas Anumolu and K Ganesh also participated in the round. 

Founded by Kumar in 2018, Euler Motors is an EV company focusing on the commercial segment. It collaborates with ecommerce players to help turn their fleet into EVs. 

In August last year, Euler Motors received orders for 2,500 vehicles from ecommerce platforms such as BigBasket, Udaan, Flipkart, and others. Kumar had then said that most of the deliveries would be completed by the end of 2021. 

Euler Motors had earlier claimed that it manufactures 100 EV three-wheelers every month at its factory in Okhla in New Delhi. 

The startup launched its first cargo three-wheeler, HiLoad EV, last year. The vehicle has a battery of 12.4 kWh and a certified range of 151 km in a single charge with 688 kg of payload. 

Euler Motors clocked total sales of INR 11 Cr in the financial year 2020-21 (FY21), a substantial jump from INR 6.2 Cr in FY20. Its loss more than doubled to INR 19 Cr during the year from INR 8.6 Cr in FY20.

Euler Motors competes against the likes of Gayam Auto Motors (GAM), Oye! Rickshaw, Mahindra, Piaggio, and Kinetic. 

The fund raise comes at a time when the sales of EVs are on an upward trend in the country. The Centre as well as different state governments have launched various schemes to incentivise adoption of EVs. The overall EV registrations in the country, across segments, grew 6.2% month-on-month to 91,425 units in September.