Electric Vehicle Startup Euler Motors raises $10 million as a part of $60 million Series B funding round
- ByTejika Bajaj | November 23, 2021
The electric vehicle startup Euler Motors announced that it has raised $10 million as a part of its series B round of funding led by Delhi-based QRG Investments and Holding. The company plans to raise a total of $60 million in its Series B round of funding spanning over a time period of one year.
The round also saw participation from existing investors like Inventus Capital India, Blume Ventures and ADB Ventures. Till date the company has raised an accumulated amount of $21.6 million.
Commenting on the utilization of the recently infused capital, the CEO and founder of Euler Motors, Saurav Kumar stated, “The funding will allow us to further the development and expansion of our operations and continue building our organization in all functions with the talent necessary to support our mission.”
Founded in 2018 by Saurav Kumar, Euler Motor is a Delhi-headquartered startup which focuses on providing sustainable last mile transport and producing electric vehicles. The startup intends to become a category leader for cargo and passenger vehicles by ramping up the production of its electric three wheeler vehicles by FY 2023.
Till date, the Delhi-based startup has produced 100 vehicles per month and intends to increase the same to 5000 vehicles per month by the end of the next financial year. The electric vehicle company has also received 2,500 orders from e-commerce giants Flipkart and BigBasket for fulfilling their third-party logistics needs.
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