Euler Motors Raises Rs 570 Crore in Series C Funding

Key Highlights:
•    Euler Motors raised Rs 200 crore in Series C, totaling Rs 570 crore.
•    Investors include British International Investment, Blume Ventures, and Piramal Alternatives.
•    In FY24, Euler Motors sold 3700 vehicles and expanded to 22 cities.
•    Funds will scale operations to over 40 cities by FY25 and boost R&D.
•    Total funding reached Rs 770 crore, with Piramal's first co-investment.

Euler Motors, an electric commercial vehicle manufacturer, finalized its Series C fundraising round, raising an additional Rs 200 crore for Rs 570 crore. Euler Motors has already raised Rs 770 crore in investment.

The capital raise was backed by internal investors like British International Investment, the UK's development finance institution and impact investor; Blume Ventures; and new investor Piramal Alternatives India Access Fund.

Plans for New Funding

According to the press release, the company sold 3700 automobiles in FY24 and increased its presence from 5 to 22 cities, creating a strong foundation in the market. 

Euler Motors plans to use the new cash to expand its pan-India footprint and servicing infrastructure, to be present in 40 or more locations by fiscal year 2025. The funds will also be used for product development and to improve technological and R&D skills.

Saurav Kumar, Founder and CEO of Euler Motors, stated, "This additional cash injection, together with the trust of our investors, will accelerate us toward our objective of double-digit market share. With this momentum, we're ready to accelerate our expansion and lead India's transition to commercial EVs.

Kalpesh Kikani, CEO of Piramal Alternatives "We remain enthused both by the wider EV category itself as well as our chosen sub-segment in terms of last mile mobility within the commercial / logistics category and Euler Motor's relative positioning on the back of its strong technology and R&D capability."

Piramal Alternatives India Access Fund's First Direct Co-Investment

This is also the first direct co-investment from the recently launched Piramal Alternatives India Access Fund (Fund of Funds), which provides investors with access to a well-diversified portfolio of both best-in-class Funds and specially curated co-investments in India's high-growth private equity and late-stage venture capital space.

Also Read: Euler Motors and Magenta Mobility Strengthen Their Partnership with 2,000 HiLoad EV Orders.

CMV360 Says

Euler Motors' recent funding success is a clear sign of India's growing confidence in electric vehicle companies. Their rapid expansion and significant sales growth demonstrate strong demand for sustainable transportation solutions. 

With the new funds, Euler Motors is well-positioned to become a major player in the commercial EV sector, driving innovation and adoption of green technology across the country.