Abhishek Yadav

EV startup funding: Electric vehicle (EV) maker Euler Motors on Monday announced a Rs 120 crore fundraise in an extended Series C round from British International Investment (BII), the UK government’s development finance institution along with venture fund Blume Ventures and Green Frontier Capital. The existing investors Athera Venture Partners, ADB Ventures, Alteria Capital, GIC Singapore, and QRG Holdings other than Blume Ventures also participated in the round.

The latest round takes the total capital infusion into the company to around Rs 690 crores. Founded in 2018, Euler Motors said it will deploy the capital for its pan-India expansion to 40 cities by the end of the financial year 2023-24 and also to strengthen its service and charging network.

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Saurav Kumar, Founder & CEO of Euler Motors, said, “The interest and commitment from our new investors, British International Investment & Green Frontier Capital along with continued support from our internal investors reaffirms our belief that we are on the right path to becoming the number one commercial vehicle company in India.”

The company said it plans to raise funds as needed over the next year to ramp up production, presence and services.

“Climate finance is a key part of our Indian investment strategy. In total BII expects to invest $1 billion on climate finance in India between 2022 and 2026. We are delighted to work with Euler Motors on accelerating EV development in India, particularly in the commercial cargo transportation segment. This segment is important, both for job creations and emission reduction, which is in line with our strategic objectives to promote productive, sustainable and inclusive economic growth,” said Manav Bansal, Managing Director and Head of India, British International Investment.

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Founded in 2018, Euler Motors has developed an electric cargo three-wheeler with a 688 kg payload capacity, 170 km range, 88.55 Nm torque and 300 mm ground clearance. The charging time is 15 minutes for 50 km, according to the details available on the company’s website.

The global EV three-wheeler market size was worth $2.15 billion in 2022 and is projected to reach $2.71 billion in 2023 and $10.26 billion by 2030 with a CAGR of 20.9 per cent during the forecast period, according to a report by Fortune Business Insights.

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