Euler Motors is focused on electric commercial vehicles. The company will be using these funds for its new cargo three wheeler launch in India
Euler Motors, an automotive technology OEM focused on electric commercial vehicles (EVs) has closed its Series A funding round at $9.5 M. The round also included additional investments of $2.6M, which was raised from a new investor ADB Ventures, the venture investing arm of Asian Development Bank and existing investor Blume Ventures. Interestingly, this is also the first investment by ADB Ventures in an EV company on a global scale.
“ADB Ventures’ investment in Euler Motors signals a growing market readiness for EV in India. We are delighted and proud that ADB Ventures have chosen Euler Motors as their first investment in an EV company. We believe it is testimony to our execution so far against our defined vision, and the quality of our innovation.”, said Saurav Kumar, Founder & CEO, Euler Motors.
He adde, “Blume Ventures have been a continuous source of support to us in the Series A. Their renewed investment is incredibly valuable and gives us confidence that we are on the right path and reaffirms our belief that indigenous innovation from India will fast forward the market transition to electric mobility both in India and across the world.”
The company plans to use these funds for the upcoming launch of its three-wheeler cargo vehicle this year. An amount will also be earmarked to support market expansion in India. The expansion includes cities like Bangalore, Delhi & NCR, Kolkata, Ahmedabad and Pune. BigBasket, EcomExpress and Udaan make for some of the top clients of the company.
“Euler Motors has positioned itself to capitalize on tailwinds including falling battery prices, policies favoring a transition to electric vehicles, and increasing demand for last-mile delivery solutions. It’s a great example of a company that has the right tech and business model at the right place and time,” noted Daniel Hersson, Senior Fund Manager, ADB Ventures.
Euler Motors has raised a total of $11.6M since inception in 2018. Investors include ADB Ventures, Blume Ventures, Inventus Capital, Jetty Ventures, US based Emergent Ventures, Andrew Lee, Sujeet Kumar, Cofounder, Udaan, and Srinivas Anumolu & K Ganesh from Growth Story.
The Indian Electric Commercial Vehicle Market is projected to grow at a CAGR of around 70 per cent till 2024 (Research and Markets report) owing to growing need for controlling GHG (Greenhouse gases) emissions emitted by vehicles. Moreover, the government is encouraging the use of electric powered vehicles, which is boosting the demand for electric commercial vehicles in India.
