Ahead of its electric three-wheeler launch, EV startup Euler Motors raises ₹30 crore

Ahead of its electric three-wheeler launch, EV startup Euler Motors raises ₹30 crore
Euler Motors/Facebook
  • The investment was led by the startup’s existing investors Inventus India and Jetty Ventures.
  • This takes Euler Motors’ total fundraise, so far, to ₹65 crore.
  • The company already has over 250 electric three-wheelers, which have been deployed by startups like BigBasket, EcomExpress and Udaan in Delhi-NCR.
Electric vehicle startup Euler Motors has raised ₹30 crore as a part of its series A fundraise. This takes its total fundraise, so far, to ₹65 crore.

The investment was led by the startup’s existing investors Inventus India and Jetty Ventures, and also saw participation from another existing investor Sujeet Kumar, co-founder of online B2B trade platform Udaan. Meanwhile new investors Srinivas Anumolu & K Ganesh from Growth Story too joined in on this round.

Founded in 2018, the startup is also looking to launch new electric three-wheelers this year. The company already has over 250 electric three-wheelers, which have been deployed by startups like BigBasket, EcomExpress and Udaan in Delhi-NCR.

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With the latest investment the company plans to build a new production facility as well as expand its charging and servicing infrastructure.

“The new investment has come at a time when the company has demonstrated extreme resilience during the pandemic and is now all set for the next phase of growth. I am delighted that our existing investors trust our vision and execution; and have chosen to continue to invest in Euler Motors,” Saurav Kumar, founder and chief executive officer of Euler Motors said in a statement.

Kumar is no new face in the Indian startup ecosystem. In 2012, Kumar along with two others had founded the technology start-up Cube26, which had made news for its funding from Tiger Global Management and Flipkart. The startup was later acquired by Vijay Shekhar Sharma’s Paytm.

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With Euler Motors, Kumar is now betting on India’s burgeoning EV market, which has the likes of Mukesh Ambani’s Reliance and Elon Musk’s Tesla making their presence felt.

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