Euler Motors, a manufacturer of commercial electric vehicles, has raised an additional Rs 200 crore ($24 million) in a Series C round led by new investor Piramal Alternatives India Access Fund. The funding tranche also included participation from Blume Ventures and British International Investment, two current investors.
According to a press release, Euler Motors plans to use the additional funds to expand its presence throughout India and improve its servicing infrastructure in 40 cities by March 2025. The Delhi-based business claimed to have raised Rs 570 crore ($68.6 million) in its series C round with this as well.
In November of last year, the company completed an extended Series C round co-led by Blume Ventures and British International Investment that raised Rs 120 crore, or roughly $14.5 million.
Therefore far, it has raised Rs 770 crore ($92 million). An extended Series C round in November 2023 valued Euler at approximately $160 million, according to startup data intelligence platform TheKredible.
Over 45 million kilometers were covered by Euler Motors’ commercial electric vehicles in the transportation of goods. With a 170 km range, the HiLoad EV, the company’s flagship model, is billed as the most potent electric cargo three-wheeler.
The company says that in FY24, it increased its presence from 5 to 22 cities and sold 3,700 cars.
Like a lot of startups, Euler also reduced staff by 10% in order to save expenses and get through a difficult financing climate.
Euler reported operating revenue of Rs 61.53 crore for the fiscal year that ended in March 2023, up from Rs 17.57 crore for the previous year. Media reports state that the company’s losses increased by almost 5X to Rs 174.73 crore in FY23 from Rs 36.33 crore the year before. The significant losses may have resulted from the company’s investment in building facilities and infrastructure.
It faces competition from Altigreen as well as established brands like Tata, Mahindra Electric, Piaggio, and Kinetic Green in the electric three-wheeler market.
