In a significant stride towards bolstering its leadership in the electric commercial vehicles sector, Euler Motors has successfully closed its Series C funding round, raising an additional Rs 200 crore. Led by existing investors British International Investment and Blume Ventures, along with new investor Piramal Alternatives India Access Fund, this funding brings the total raised in Series C to Rs 570 crore, contributing to a cumulative funding of Rs 770 crore since its inception in 2018.
Founded by Saurav Kumar, Euler Motors specializes in manufacturing electric three-wheelers under the HiLoad EV brand, catering primarily to last-mile connectivity needs for online grocery and e-commerce logistics. With a fleet of 3,700 vehicles already operational across 22 cities by March 2024, Euler Motors plans to double its footprint to over 40 cities in the fiscal year 2025.
“This fresh capital injection marks a pivotal moment for Euler Motors as we strive to solidify our position as India’s premier electric commercial vehicle brand,” commented Saurav Kumar, Founder and CEO of Euler Motors. “Our commitment to enhancing technological capabilities, accelerating R&D efforts, and expanding our servicing infrastructure underscores our ambition to achieve double-digit market share.”
The funding will support Euler Motors’ aggressive expansion strategy, enabling it to strengthen its pan-India presence, introduce new product variants, and enhance customer service offerings. With a clear focus on innovation and market expansion, Euler Motors is poised to lead the charge in transforming India’s commercial logistics landscape through sustainable electric mobility solutions.