“`html
Euler Motors Acquires Rs 638 Crore in Series D Funding
Euler Motors, a pioneering commercial electric vehicle manufacturer, has successfully secured Rs 638 crore (around $75 million) in its Series D funding round. This financing was primarily led by Hero MotoCorp, the leading manufacturer of motorcycles and scooters globally. The round also saw contributions from returning investor British International Investment (BII), which is the UK’s development finance institution.
This significant funding will play a vital role in expanding Euler Motors’ sales and service network while fostering the development of new products to facilitate the adoption of commercial electric vehicles in India, as stated in a press release from the company.
Just last month, the company had disclosed a $60 million investment from Hero MotoCorp. Reports from Startup Superb further revealed that British International Investment and Caladium Investment (GIC) provided Rs 96 crore ($11.3 million) and Rs 32 crore ($3.76 million), respectively, in this Series D funding.
Startup Superb estimates that Euler Motors’ valuation has stabilised at $176 million. The startup has attracted investments from notable backers, including Blume Ventures, Athera Partners, Asian Development Bank Ventures, and the Piramal Alternatives India Access Fund. With this recent funding round, the total capital raised by the company has now reached approximately Rs 1,420 crore.
Founded in 2018, Euler Motors focuses on the production of commercial electric three-wheelers. The company has experienced robust adoption in the e-commerce, retail, and logistics sectors, supported by a growing range of high-performance electric vehicles, such as the HiLoad EV and the recently introduced StormEV.
Saurav Kumar, the founder and CEO of Euler Motors, mentioned, “This investment underscores a strong belief in both India’s future in commercial electric mobility and in the capabilities and products of Euler Motors. With this new injection of capital and strategic support from both new and existing investors, the company is well-positioned to enhance its scale, continue innovating superior products, and move closer to becoming India’s leading commercial EV brand.”
During FY24, Euler Motors disclosed a significant year-on-year increase in operating revenue, which surged to Rs 189 crore from Rs 62 crore in FY23. However, despite this revenue growth, the company reported a loss of Rs 227 crore during the same fiscal year.
Euler Motors faces competition from various players, including Altigreen, as well as established names like Mahindra Electric, Piaggio, Kinetic Green, Tata, and others.
“`
