The additional fundraising was led by existing investors inventus India and Jetty Ventures. Participants of the funding round involved co-founders of Udaan, Sujeet Kumar along with new investors such as Srinivas Anumolu and K Ganesh from Growth Story. The company will be using the additional funds raised for R&D activities, a new production facility, and expanding the charging and servicing infrastructure. the first electric cargo three-wheeler from the company is expected to launch in Q2 2021 and will expand to markets across India. The company can raise Rs 50 crore in series A fundraise and Rs 65 crores in total.
Retail, FMCG, pharma, and utility are the sectors in which the company plans to expand. Euler motors aim to strengthen its Supply chain by investing in technology and working close to multiple vendors to localize the production of EVs in India.
Founder and CEO of Euler Motors Saurav Kumar while speaking in an announcement spoke that the company’s vision to make electric vehicles the main mode of transportation. For this, the company will build electric vehicles that match the internal combustion engines in terms of reliability, quality, range, and performance.
CEO of Euler added that the additional funds raised are at a time during which the company was able to demonstrate its ability to stand the effects of the pandemic and is ready for the next growth stage. The existing investors in the company believe in the vision and execution of the brand which is the primary reason for their continued investment in Euler Motors. The company expects to gain momentum shortly with the support of its suppliers and the combined efforts of the team. Euler further hopes to democratize the EV market overtime with its upcoming launches.