Euler Motors is in discussions with GIC to raise $50 million
- ByStartupStory | September 28, 2022
A startup producing commercial electric vehicles, Euler Motors, appears to be closing in on its largest fundraising round. According to two sources familiar with the specifics of the transaction, the Delhi-based company is in advanced discussions with new and existing backers to finish its ongoing Series B financing.
One of the sources, who asked to remain anonymous because the discussions are confidential, stated that Singapore’s national wealth fund GIC was in late-stage negotiations to lead somewhere between $45 and $50 million in a fresh round.
Inventus Capital, Blume Ventures, and QRG Investments and Holdings, among other current investors, will reportedly participate in the financing round. The second unnamed source predicted that Euler Motors will be worth between $250 and $300 million.
If the transaction is successful, the company’s worth will increase by 2.5 to 3X from its April valuation of $70 million, when B2B e-commerce startup Moglix invested $5 million in Euler. In the current Series B round, Euler has raised $15 million, bringing its total funding to $26 million.
Saurav Kumar founded Euler Motors, which produces electric three-wheelers and has fleets operating for BigBasket, Ecom Express, Amazon, and Udaan. By the conclusion of the current fiscal year, the company hopes to sell around 5,000 vehicles (FY23). According to the company’s website, in addition to large orders, franchise models were also launched in Delhi and Haryana.
On Monday, inquiries were submitted to GIC and Euler Motors but received no answer. According to our data tracking platform Fintrackr, EV startups have raised over $670 million so far in 2022, up from $570 million in 2021 and $195 million in 2020.
India has only a small number of companies, such as Euler Motors and Altigreen, in the electric three-wheeler market. In its Series A round earlier this year, Sixth Sense Ventures, Reliance New Energy, and other investors contributed approximately $40 million to Altigreen. In the meanwhile, well-known manufacturers of electric three-wheeled cargo vehicles include Mahindra Electric, Piaggio, Kinetic Green, and Tata, among others.
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