Euler Motors Raises USD 60 million From GIC, Plans To Expand Retail Presence
In order to scale up its manufacturing, supply chain infrastructure and accelerate product development and augment talent across key functions in the organisation, Euler Motors—an electric vehicle company building commercial vehicles, has raised USD 60 million in its series C fundraise led by GIC Singapore. With this, Euler Motors also plans to expand its retail presence in 12 new markets by the end of this fiscal.
The funding round also saw participation by Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures and Moglix. The company will also invest in expanding its distribution network and brand building while continuing to focus on its core values of innovation, performance, and design.
Saurav Kumar, Founder and CEO, Euler Motors said, “The time for electric mobility in India is now, and we aspire to be a leading player in the growing Indian electric commercial vehicle segment. Our vision is to not only develop industry leading products but also the ecosystem to support the EV transition. We are proud to welcome GIC, one of the world’s leading investors to our cap table. This investment will fuel our ambition to establish Euler Motors as a frontrunner to drive electrification of commercial mobility in India by scaling our manufacturing capacity, expanding distribution footprint and strengthening the team to deliver delightful experiences to our customers”.
Euler Motors was established in 2018 with a vision of building innovative and technologically superior electric vehicles for the commercial mobility segment. The company aims to support the global transition to electrification and contribute towards making mobility sustainable. The company has followed a full stack ecosystem approach towards making commercial EVs mainstream and enabling a seamless customer adoption. Euler Motors has built a strong market position backed by its differentiated electric innovation, cutting edge battery technology and service support that provide great value and increased earning capacity for its customers.
Last year, Euler Motors launched HiLoad EV, India’s most powerful electric cargo three-wheeler with industry-leading payload capacity of 688 kg, highest range at 151 km and a 12.4 kWh proprietary liquid cooled battery pack. HiLoad EV now has a strong and rapidly growing order book of over 9,000 vehicles. Euler Motors has also established a robust charging infra with multiple charging options, customer centric servicing as well as financing services.
About Euler Motors
Founded in 2018, Euler Motors is an electric vehicle company operating in the commercial segment. The company is developing and deploying innovative technology solutions built for India, from India. Its solutions are road-ready, technologically superior, and competent having proved their mettle across E-commerce and 3PL industries. Euler HiLoad EV, is India’s most powerful three-wheeler electric cargo in terms of range, battery and payload capacity, with path breaking innovation and design. The brand with its advanced vehicles, charging infrastructure and servicing support, is building an EV ecosystem, and helping its customers make an effortless EV transition.
GIC is a leading global investment firm established in 1981. GIC takes a long-term, disciplined approach to investing and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital and infrastructure. Its long-term approach, multi-asset capabilities and global connectivity enable it to be an investor of choice. Headquartered in Singapore, GIC has a global talent force of over 1,900 people in 11 key financial cities and has investments in over 40 countries.