EV Startup Euler Motors Raises $5 Mn From Moglix; Valuation Soars To $70 Mn

New Delhi-based EV manufacturing startup Euler Motors has raised about $5 Mn as a part of the Series B funding round from Moglix. It plans to close the current Series B funding round at around $60 Mn. 

Euler Motors’ investors include QRG Investments and Holdings, Inventus Capital India, Blume Ventures, ADB Ventures and Jetty Ventures.

According to the regulatory filings, Euler Motors has issued 26,381 Series B3 CCPS, with a face value of INR 100 per share and a premium of INR 14,086 per share amounting to INR 37.42 Cr ($5 Mn) to Mogli Labs. 

Following this fundraising, Euler Motors is estimated to value at $70 Mn (INR 530 Cr). The EV startup has raised more than $26 Mn to date. 

Founded in 2018 by Saurav Kumar, Euler Motors manufactures commercial three-wheeler electric vehicles. It is reported to have deployed more than 250 three-wheeler EVs to BigBasket, Ecom Express and Udaan. Furthermore, It is reported to have received orders for nearly 2,500 EVs from Flipkart and BigBasket and aims to sell about 5,000 EVs by the end of FY23.

In FY20-21, Euler Motors’ revenue increased by 76% to INR 11.05 Cr from INR 6.28 Cr in FY20. Its expenditure increased by nearly 98% to INR 30.4 Cr in FY21 from INR 15.33 Cr in FY20. 

Consequently, its losses increased by 121% to INR 19.14 Cr in FY21 as compared to INR 8.66 Cr in the previous fiscal year (FY20).

In November 2021, Euler Motors raised $10 Mn as a part of its Series B round. The fresh round was led by its existing investor – QRG Holdings, in participation with ADB Ventures, Inventus Capital, and Blume Ventures. 

Saurav Kumar, founder and CEO of Euler Motors, informed Inc42 that the $10 Mn round is part of a larger $60 Mn round that the startup intends to raise for its Series B round. 

In March 2021, it raised $2.6 Mn from the venture arm of Asia Development Bank (ADB) with participation from existing investor Blume Ventures. With this funding, it closed its Series A funding round at $9.5 Mn. 

Earlier in March last year, it had raised $4.1 Mn for its Series A round. That funding tranche was led by existing investors Inventus India and Jetty Ventures. Growth Story’s Srinivas Anumolu and K Ganesh had also participated in the round, along with Udaan’s Sujeet Kumar.

The news was first reported by Entracker.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.