FP StaffMay 26, 2020 14:08:42 IST
Euler Motors, the automotive technology start-up focused on commercial Electric Vehicles (EVs) has raised Rs 20 crore as a part of its ongoing Series A funding led by the Inventus Capital India. The other investors in this round of funding include Blume Ventures, Singapore-based Jetty Ventures India Investments, and Udaan’s co-founder Sujeet Kumar.
Earlier, as part of its pre-series A round, the company had raised Rs 15 crore from Blume Venture, US based Emergent Ventures and Andrew Lee. With this series A, Euler Motors has so far raised more than Rs 35 crore.
Talking about the Series A funding, Saurav Kumar, Founder and CEO, Euler Motors said, “We want to accelerate the adoption of commercial electric vehicles by creating a full stack ecosystem with Indian-centric EVs, charging and service station networks. The Series A funds will be primarily used for hiring talents, R&D and launching our vehicles across the Indian key cities with a focus on localisation of the supply chain.”
Euler Motors has a dedicated manufacturing and R&D facility for production of light commercial EVs along with automotive-grade lithium-ion battery packs that could match the performance required for intra-city logistics in all-weather, temperatures and road conditions, the company said in a statement. In the last 18 months, companies like BigBasket, EcomExpress, Udaan have employed more than 200 prototype e-vehicles for their last-mile delivery. The company has also established a network of 100 plus charging infrastructure in Delhi NCR for charging 200 plus electric vehicles at any point.
Rutvik Doshi, Managing Director, Inventus Capital India said “For India to unlock the next wave of growth in Electric Mobility, it is essential to drive the adoption in the commercial vehicle segment with superior electrical vehicles and infrastructure.
Euler Motors will utilize the funding to expedite its product and technology as well as scale its network of charging & service stations across India. The company plans to launch its 3-wheeler electric vehicle for commercial logistics by the end of this year.
"Blume Ventures has been associated with Euler Motors since early days. Our initial investment was on the promise of building world-class electric vehicles for Indian conditions. We believe their innovative business model brings down the total cost of ownership (TCO) and makes EVs accessible to many in Indian market.” said Arpit Agarwal, Principal at Blume Ventures.
Jetty Ventures and Sujeet Kumar have also contributed to this round, making their first investment in the Indian electric vehicle space.
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