Euler Motors raises $4 million in its ongoing Series A funding
New Delhi: Euler Motors Pvt Ltd on Thursday said it has raised Rs 30 crore (about $4 million) as part of its ongoing Series A funding.
The round was led by existing investors Inventus India and Jetty Ventures, said Euler in a statement.
Existing investor Sujeet Kumar, co-founder of Udaan, also participated in this round besides new investors Srinivas Anumolu and K Ganesh from Growth Story, it added.
Euler Motors, which was founded in 2018 by Saurav Kumar, will use the funds for a new production facility, research and development, and expansion of charging and servicing infrastructure.
It said that around 250 Euler Motors’ three-wheeler electric vehicles (EVs) are used by ecommerce companies such as Bigbasket, Ecom Express and Udaan in Delhi-NCR for last-mile delivery.
Euler Motors had raised Rs 20 crore in its Series A round led by Inventus India last year. It had first raised funding from Blume Ventures, Emergent Ventures and an individual investor in 2019.
