Indian EV maker Euler Motors raises $47 million
The fresh funding will be used to expand the product line and manufacturing capacity, scale the company’s network across India, and boost the foundation for market share growth in the commercial EV segment.
Indian electric commercial vehicle maker Euler Motors has raised USD 47 million in a Series E funding round led by Lightrock, with participation from Hero MotoCorp and Blume Ventures.
The Delhi-based company also secured an additional INR 2.5 billion (about USD 26 million) in debt funding from BlackSoil, Trifecta Capital, InnoVen Capital and Alteria Capital, according to a report by Entrepreneur.
With the latest funding, Euler has now raised nearly USD 230 million to date.
Euler Motors focuses on electric three-wheeler and four-wheeler cargo vehicles designed for last-mile logistics. Its business model integrates manufacturing, financing partnerships and after-sales service to cater to e-commerce and delivery fleets, the Entrepreneur report said.
“We see a significant opportunity in commercial EV segments where uptime, reliability and operating economics matter most, and we will continue to invest behind that opportunity with discipline,” Saurav Kumar, Founder and CEO, Euler Motors, said, according to a report by CNBC TV 18. “The combination of fresh equity and debt capital strengthens our ability to expand capacity, deepen our network and build the operating foundation required for long-term growth.”
The fresh funding will be used to expand the product line and manufacturing capacity, scale the company’s network across India, and boost the foundation for market share growth in the commercial EV segment, Business Today reported.
