Euler Motors, an Indian manufacturer of electric commercial vehicles, has secured Rs 120 crore ($16 million) in a series-C extension funding round. The financing was led by British International Investment (BII), Blume Ventures, and Green Frontier Capital, among others. The latest round brings the total investment in the company to Rs 690 crore ($92 million).
The funds will be used to fuel Euler's pan-India expansion into 40 cities by the fiscal year 2023-24, reinforcing its service and charging network nationwide. In addition, the company aims to scale up production, presence, and services.
Since its establishment in 2018 by CEO Saurav Kumar, Euler Motors has transported goods over 45 million kilometers. The company is planning further fundraising over the next year to aid entry into global markets and enhance production and services.
Saurav Kumar acknowledged the support from all investors, including Athera Venture Partners, Alteria Capital, ADB Ventures, GIC Singapore, and QRG Holdings. He stated that these strategic objectives align with BII's mission of promoting productive, sustainable, and inclusive economic growth.
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