Euler Motors Raises Rs 200 Crore To Close Series C Funding Round

Euler Motors Pvt. has raised an additional Rs 200 crore to close its Series C funding round amid “heightened demand” for its electric commercial vehicles.

Existing investors, the UK’s British International Investment and Blume Ventures, as well as new investor Piramal Alternatives India Access Fund, led the fundraising, according to a statement on Wednesday. The Delhi-based EV startup has raised a total of Rs 570 crore in the Series C round.

“We are pleased to participate alongside other marquee investors in furthering Euler Motors’ leadership position within its target market segment,” Kalpesh Kikani, chief executive officer at Piramal Alternatives, said in the statement. “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 Motors’ relative positioning on the back of its strong technology and R&D capability.”

Euler Motors has raised a total of Rs 770 crore since its inception in 2018.

Founded by Saurav Kumar, Euler Motors makes commercial electric three-wheelers under the HiLoad EV brand to provide last-mile connectivity and logistics for online grocery delivery companies and e-commerce firms. BigBasket is among its clients. As of March 31, the company had 3,700 HiLoad EVs on the road across 22 cities.

Euler Motors will use the latest funding to expand its operations to more than 40 cities in fiscal 2025, as well as for product development.

“Our aim is to establish Euler Motors as India's No. 1 electric commercial vehicle brand with our powerful products and best-in-class services,” said Founder and Chief Executive Officer Saurav Kumar in the statement. “This fresh capital injection… will propel us towards our goal of double-digit market share.”