EV manufacturer Euler Motors raises $60 mn led by GIC

New Delhi: In a Series C fundraising round headed by GIC Singapore, commercial electric vehicle manufacturer Euler Motors Pvt Ltd has raised $60 million (480 crore).

Additionally taking part in the funding round were Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures, and online marketplace for industrial goods Moglix.

The money will be used to speed up product development, expand talent across key organisational areas, and scale up the manufacturing and supply chain infrastructure. While maintaining an emphasis on its fundamental characteristics of innovation, performance, and design, it is also trying to extend the distribution network and build its brand, according to Saurav Kumar, founder and CEO of Euler Motors, in an interview with VCCircle.

According to Kumar, Euler Motors intends to use this to increase its retail presence in 12 new markets by the end of current fiscal year.

Kumar declined to comment on the valuation, but a source close to the situation said the most recent round of funding will put the EV manufacturer’s value at $250 to $300 million.

The HiLoad EV, an electric cargo three-wheeler with an industry-leading payload capacity of 688 kg, was introduced by Euler Motors last year. Over 9000 automobiles have been ordered for the EV as of late. According to Euler Motors, it has built out a charging infrastructure with a variety of charging alternatives, customer-focused servicing, and finance services.

In 2018, Kumar created Euler Motors. It currently employs 1,400 people. According to Kumar, the company will hire more people across all functions before the conclusion of the fiscal year.

The transaction’s advisor to Euler Motors was Avendus Capital.

According to a 2021 joint report by Indospace and Colliers, the automotive supply chain is expected to invest $12.6 billion in India’s EV industry over the next five years. The article also noted that 64% of the investments will go into automobiles, with the remaining 36% going toward battery production.

After a brief lull in 2020, investments in the EV sector have resumed their upward trajectory. A joint research by IVCA-EY-Induslaw titled “Electrifying Indian Mobility” states that private equity and venture capital investments in the EV market increased eight-fold to $1.7 billion in 2021 from $181 million in 2020.

Investors are anticipated to increase their investments due to rising demand, greater sales projections, and a favourable legislative environment for the EV ecosystem.

Numerous deals in the area have already been completed this calendar year. Ultraviolette, a manufacturer of electric two-wheelers, recently received $10 million from Amsterdam-based Exor Capital. With participation from Toyota Ventures, a second manufacturer of two-wheelers, River, raised $11 million in a Series A financing led by Chris Sacca’s Lowercarbon Capital. BluSmart Electric Mobility, a start-up in the ride-hailing industry, stated in July that it is almost done securing $250 million from investors, including Bp Ventures.

The post EV manufacturer Euler Motors raises $60 mn led by GIC appeared first on News24 English.

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