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Euler Motors raises Rs 200-cr in funding led by Piramal Alternatives

Thursday, 30 May 2024
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Electric commercial vehicle manufacturer Euler Motors has raised an additional Rs 200 crore with the successful closure of its Series-C funding round. Existing investors including British International Investment, the UK’s development finance institution and impact investor, Blume Venture and new investor Piramal Alternatives India Access Fund led this round.

Euler Motors will utilise the fresh infusion of capital to further scale its pan-India presence and servicing infrastructure and establish a presence in over 40 cities by FY25. Additionally, it will advance the company’s strategic initiatives for product development, introducing new variants, enhancing technological capabilities and R&D efforts. The company has raised Rs 570 crore in total from investors in Series C.

In FY24, the company sold 3,700 vehicles and expanded its presence from five to 22 cities. The aim is to establish Euler Motors as the leading electric commercial vehicle brand. Over the past three years, it has seen heightened demand for its products. This fresh capital injection, will propel it towards increased market share, accelerate growth, and lead the transition to commercial EVs in India. Till now, Euler Motors has successfully raised an amount of Rs 770 crore.

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