Electric vehicle startup Euler Motors raises more Series A funding

Euler Motors Pvt Ltd on Thursday said it has raised Rs 30 crore (about $4 million) as part of its ongoing Series A funding.

The round was led by existing investors Inventus India and Jetty Ventures, said Euler in a statement.

Existing investor Sujeet Kumar, co-founder of Udaan, also participated in this round besides new investors Srinivas Anumolu and K Ganesh from Growth Story, it added.

Euler Motors, which was founded in 2018 by Saurav Kumar, will use the funds for a new production facility, research and development, and expansion of charging and servicing infrastructure. 

It said that around 250 Euler Motors’ three-wheeler electric vehicles (EVs) are used by ecommerce companies such as Bigbasket, Ecom Express and Udaan in Delhi-NCR for last-mile delivery.

Euler Motors had raised Rs 20 crore in its Series A round led by Inventus India last year. It had first raised funding from Blume Ventures, Emergent Ventures and an individual investor in 2019.

The company has raised Rs 50 crore in total as part of its Series A funding round and a total of Rs 65 crore since inception.