Electric vehicle maker Euler Motors—named after the famous Swiss physicist and astronomer Leonhard Euler—raised ₹20 crores as part of its ongoing Series A funding. The company plans to use the investment for launching its commercial EVs in key regions of the country and also for developing infrastructure for smoother adoption of EVs.
The investment was led by Inventus Capital India, along with Blume Ventures, US-based Emergent Ventures, Singapore-based Jetty Ventures, and Udaan’s co-founder Sujeet Kumar. This is Jetty Ventures’ and Sujeet Kumar’s first investment in the Indian electric vehicle space.
The company, which is focussed on providing sustainable last-mile transportation while accelerating the transition of the Indian transportation ecosystem from internal combustion engines to electric vehicles, said that it plans to launch its three-wheeler EV for commercial logistics by the end of this year. It has also established a network of more than 100 charging infrastructure in Delhi-NCR for charging over 200 electric vehicles at any given point.
“Euler Motors wants to accelerate the adoption of commercial electric vehicles by creating a full-stack ecosystem with Indian-centric EVs, charging and service station networks. The Series A funds will be primarily used for hiring talents, R&D and launching our vehicles across the Indian key cities with a focus on localization of the supply chain,” Saurav Kumar, founder & CEO, Euler Motors.
Euler Motors has a manufacturing and R&D facility for production of light commercial EVs. “For India to unlock the next wave of growth in electric mobility, it is essential to drive the adoption in the commercial vehicle segment with superior electrical vehicles & infrastructure. Euler Motors is an early front-runner in the space and is well-positioned to build the EV ecosystem,” said Rutvik Doshi, managing director, Inventus Capital India.
Earlier, as part of its pre-series A round, the company had raised ₹15 crore from Blume Ventures and angel investor Andrew Lee. "Blume Ventures has been associated with Euler Motors since early days. Our initial investment was on the promise of building world-class electric vehicles for Indian conditions. We are happy to see that the vehicle has become a dependable resource for last-mile delivery companies,” said Arpit Agarwal, principal at Blume Ventures.
Euler says that in the last 18 months companies such as online grocer BigBasket, logistics solution provider EcomExpress, and online marketplace Udaan have employed more than 200 prototype e-vehicles for last-mile delivery operations. “This, and upcoming models, inspire a lot of confidence in the ability of Saurav to execute in a very tough market like India. We believe their innovative business model brings down the total cost of ownership (TCO) and makes EVs accessible to many in Indian market,” Agarwal said.