EV Startup Euler Motors Raises $5 Mn From Moglix
- ByStartupStory | April 18, 2022
New Delhi-based EV manufacturing startup Euler Motors has raised nearly $5 Million as a part of the Series B funding round from Moglix. The startup now plans to close the current Series B funding round at around $60 Mn.
Euler Motors’ investors include Inventus Capital India, Blume Ventures, ADB Ventures, QRG Investments and Holdings, and Jetty Ventures.
Euler Motors has issued 26,381 Series B3 CCPS, with a face value of Rs. 100 per share and a premium of Rs. 14,086 per share, amounting to nearly Rs 37.42 Cr ($5 Mn) to Mogli Labs.
Following this fundraising, Euler Motors is estimated to value at $70 Million. The EV startup, as of now, has raised over $26 Million.
Founded in the year 2018 by Saurav Kumar, Euler Motors is reported to have deployed over 250 three-wheeler EVs to Ecom Express, BigBasket, and Udaan.In March 2021, the company raised $2.6 Mn from the venture arm of Asia Development Bank with participation from existing investor Blume Ventures. With this funding, it was able to close its Series A funding round at $9.5 Million.
In FY20-21, the company’s revenue increased by 76% to Rs. 11.05 Cr from Rs. 6.28 Cr in FY20. Euler Motors’ expenditure also increased by nearly 98% to Rs. 30.4 Cr in FY21 from Rs. 15.33 Cr in FY20.
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