Euler Motors secures ₹120 crore in an extended Series-C funding
- ByStartupStory | November 6, 2023
Electric vehicle startup Euler Motors has successfully raised Rs 120 crore in an extension of its ongoing Series C funding round, with the addition of two new investors: British International Investment, the U.K. government’s Development Finance Institution, and Green Frontier Capital.
This funding round also witnessed participation from existing investors, including Athera Venture Partners, ADB Ventures, Blume Ventures, Alteria Capital, GIC Singapore, and QRG Holdings. The total amount raised by the startup now stands at Rs 690 crore.
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The funds secured in this round will be strategically allocated to drive Euler Motors’ expansion plans across India, with a target of entering 40 cities by the end of the fiscal year. The company intends to bolster its service and charging network nationwide to facilitate the wider adoption of electric vehicles throughout the country.
Over the coming year, Euler Motors plans to continue raising funds as required to execute its strategy, focusing on scaling up production, expanding its presence and services, and venturing into international markets. Euler Motors specializes in the manufacturing of electric commercial three-wheeler vehicles.
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