EV Maker Euler Motors Raises Rs.120 Crore in Series C Round

Electric car maker Euler Motors on Monday said it has raised Rs 120 crore from several investors. The ongoing Series C expansion round was led by British International Investment (BII), a UK government and development finance institution, and impact investor investing in the company alongside Blume Ventures, Euler Motors said in a statement.

The company said it has also participated in Green Frontier Capital, India's first investment firm focused on growth companies, as part of this fundraising round with existing investors.

The capital raised from the ongoing Series C expansion round will be used strategically to drive Euler Motors’ All-India expansion projects as it plans to expand in 2023-24. to join 40 cities by the end of the financial year, the company said in a statement.

The extension round takes the tally of total investments to about Rs 690 crore, it said.

"Euler Motors successfully raised Rs 120-crore in the ongoing series-C extension round," the company said in the statement.

The additional funds, it said, will also enable the company to reinforce its service and charging network nationwide to further facilitate the adoption of electric vehicles across the country.

"The interest and commitment from our new investors, British International Investment & Green Frontier Capital, along with continued support from our internal investors, reaffirms our belief that we are on the right path," said Saurav Kumar, Founder & CEO of Euler Motors. Moreover, existing investors Athera Venture Partners, Alteria Capital, ADB Ventures, Blume Ventures, GIC Singapore, and QRG Holdings also participated in this round, it stated.