Pune: Euler Motors, an electric commercial vehicle manufacturer, on Wednesday said it closed its Series C funding, raising an additional Rs 200 crore, bringing the total funding raised in this round to Rs 570 crore.
Euler Motors will utilize the fresh infusion of capital to scale its pan-India presence and servicing infrastructure and establish a presence in 40 plus cities by FY25.
The funding will also be used for product development, and augmenting technological and R&D capabilities.
Internal investors, including British International Investment, the UK’s development finance institution and impact investor, Blume Ventures and new investor Piramal Alternatives India Access Fund participated in this capital raise.
In FY24, the company sold 3,700 vehicles and expanded its presence from 5 to 22 cities, establishing a strong foothold in the market.
"This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share. With this momentum, we're ready to accelerate our growth trajectory and lead the transition to commercial EVs in India," said Saurav Kumar, Founder CEO at Euler Motors.
Kalpesh Kikani, CEO, Piramal Alternatives said, "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."
To date, Euler Motors has successfully raised Rs 770 crore in funding since its inception in 2018.
