Hyderabad: Euler Motors Pvt Ltd, Commercial electric vehicle raised $60 million ( ₹480 crore) in a Series C funding round led by GIC Singapore.
The funding also witnessed participation by Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures and industrial goods marketplace Moglix also taking part in the round.
The funds will be invested to scale up its production and supply chain infrastructure, accelerate product development and augment talent across key functions in the organization.
Saurav Kumar, Founder and CEO, Euler Motors in an interaction with VCCircle said, “It is expanding the distribution network and brand building while continuing to focus on its core values of innovation, performance, and design.”
With this, Euler Motors has its plans to expand its retail presence in 12 new markets by the end of this fiscal, Kumar noted.
Kumar refused to comment on the valuation but a person in the know said the latest fundraise will value the EV maker at between $250-300 million.
Last year, Euler Motors launched the HiLoad EV, an electric cargo three-wheeler with an industry-leading payload capacity of 688 kg. The EV now has an order book of over 9000 vehicles. Euler Motors said it has established a charging infrastructure with multiple charging options, customer-centric servicing as well as financing services.
Euler Motors was founded in 2018 by Kumar. Currently, it has 1,400 employees. By the end of the financial year, the company will add additional employees across all functions, Kumar said.
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