Euler Motors is a commercial electric vehicle manufacturer startup that has secured $24 million in its series-C round led by Piramal Alternatives India Access Fund. This funding round also had participation from both its new and existing investors, including Blume Ventures and British International Investment. Here, we are talking about Euler Motors Secured $24 Million in a Series-C Round LED by Piramal Alternatives India Access Fund.
The startup disclosed in the press release that it will use these fresh proceeds to raise servicing infrastructure in 40 cities by 2025 and to strengthen its Pan-India presence. This Delhi-based startup also claims to have secured $68.6 million in its series C round. According to a report by ET, this startup had preliminarily raised nearly $14.5 million in an extended Series C round co-led by Blume Ventures and British International Investment. The startup has raised a total of $92 million to date. TheKredible, a startup data intelligence platform, valued Euler Motors at $160 million during the previous series C round.
Here, we are discussing Euler Motors Secured $24 Million in a Series-C Round LED by Piramal Alternatives India Access Fund:
Euler Motors claims to have sold over 3,700 vehicles and transport items in the range of 45 million km. The startup has expanded its hubs to more than 22 cities across the country. Euler previously reported having laid off 10% of its employees to save money. The startup competes with known names in the Electric Vehicle industry, including Mahindra Electronics, Kinetic Green, Tata, and Piaggio, among others.
Euler registered revenue of Rs 61.53 crore from its operations in FY23. The company also faced five times more losses in FY23, going to Rs 174.73 crore from Rs 36.33 crore in FY22. The startup will use the amount raised from its series C to strengthen its platform and reach more people around the world. The electric vehicle sector is growing gradually across the Country as consumers are becoming more interested in this sector.
Conclusion
Euler Motors is an electric vehicle manufacturing startup that has raised a $24 million fund in a pre-series C round from Piramal Alternatives India Access Fund. This Delhi-based startup also claims to have secured $68.6 million in its series C round. According to a report by ET, this startup had previously raised almost $14.5 million in an extended Series C round co-led by Blume Ventures and British International Investment. Euler Motors claims to have sold over 3,700 vehicles and has transported items in the range of 45 million km. The startup has expanded its hubs to more than 22 cities across the country.
The startup will use the amount raised from its series C to strengthen its platform and reach more people worldwide. Euler registers revenue of Rs 61.53 crore from its operations in FY23. The company also faced five times more loss in FY23; it went to Rs 174.73 crore from Rs 36.33 crore in FY22. The startup plans to use the funds to scale up operations to meet working capital requirements and aim for market expansion. The startup has expanded its hubs to more than 22 cities across the country.
