India: Euler Motors raises $2.67m as part of Series A funding

Photo by Marc Heckner on Unsplash

Euler Motors, the automotive technology start-up focused on commercial Electric Vehicles (EVs) said that it has raised INR 20 crore as a part of its ongoing Series A funding led by Inventus Capital India.

The other investors in this round include Blume Ventures, Singapore based Jetty Ventures India Investments, and Udaan’s co-founder Sujeet Kumar. The funds will be used to launch its commercial EVs in key regions of the country and develop infrastructure for the smooth adoption of EVs, the company said in a statement.

This is the first of its kind funding in the EV space during the covid-19 period, and will help the company to expedite its product and technology as well as scale its network of charging and service stations across India. The company plans to launch its 3-wheeler electric vehicle for commercial logistics by the end of this year.

In the last 18 months, companies like BigBasket, EcomExpress, Udaan have employed more than Euler Motors 200 prototype e-vehicles for their last-mile delivery. The company has also established a network of 100+ charging infrastructure in Delhi NCR for charging 200+ electric vehicles at any point.

Rutvik Doshi, Managing Director, Inventus Capital India said “Euler Motors is an early front-runner in the space and is well-positioned to build the EV ecosystem. Saurav and the team have built an impressive product with a unique approach to making it work at scale. We’re thrilled to have invested in such an innovative company.

Earlier, as part of its pre-series A round, the company had raised INR 15 crore from Blume Venture, US based Emergent Ventures and Andrew Lee. With this series A, Euler Motors has so far raised more than INR 35 crore.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.