Announcing the completion of its series C fundraise, supported by GIC Singapore, the manufacturer of electric commercial vehicles Euler Motors raised $60 million. ADB Ventures, Moglix, QRG Holdings, Athera Venture Partners, and Blume Ventures all participated in the investment round. According to the business, the cash will be used to expand the manufacturing and supply chain, concentrate on product development, and hire fresh expertise across a range of jobs. According to the corporation, brand development and distribution network expansion will both receive funding. With regard to the deal, Avendus Capital advised Euler Motors.
The funding raised by Euler Motors will be used to expand its production and supply chain infrastructure, quicken product development, and hire more people. Additionally, the business will spend money developing its brand and growing its distribution network. By the conclusion of this fiscal year, Euler Motors wants to increase its retail presence in 12 new markets.
By the end of the current fiscal year, Euler Motors intends to increase its retail footprint in 12 new markets. The moment for electric mobility in India is now, and we aim to be a key participant in the country's expanding market for electric commercial vehicles, according to Saurav Kumar, founder, and CEO of Euler Motors, who commented on the fundraising. In addition to creating market-leading goods, our goal is to build an ecosystem that will help the world transition to electric vehicles. One of the top investors in the world, GIC, has joined our cap table, and we are pleased to have him.
Kumar declined to comment on the valuation, but a source close to the situation said the most recent round of funding will put the EV manufacturer's value at $250 to $300 million.
The HiLoad EV, an electric cargo three-wheeler with an industry-leading payload capacity of 688 kg, was introduced by Euler Motors last year. Over 9000 automobiles have been ordered for the EV as of late. According to Euler Motors, it has built out a charging infrastructure with a variety of charging alternatives, customer-focused servicing, and finance services.
In 2018, Kumar created Euler Motors. It currently employs 1,400 people. According to Kumar, the company will hire more people across all functions before the conclusion of the fiscal year. The transaction's advisor to Euler Motors was Avendus Capital.
According to a 2021 joint report by Indospace and Colliers, the automotive supply chain is expected to invest $12.6 billion in India's EV industry over the next five years. The article also noted that 64% of the investments will go into automobiles, with the remaining 36% going toward battery production.
The company will also invest in expanding its distribution network and brand building
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