Total amount raised
$150.5 Millions
Latest funding date
Location
Euler Motors has successfully raised ₹5,250,000,000 in its latest funding round, attracting significant attention from investors. The company is focused on accelerating mass electric mobility through its innovative electric three- and four-wheelers.
Keep reading to explore the intricacies of Euler Motors' fundraising journey and the investors backing this forward-thinking company.
What Is Euler Motors?
Founded in April 2018 by Saurav Kumar, Euler Motors is an electric vehicle company based in New Delhi, India. The company focuses on producing electric three- and four-wheelers designed for commercial use, particularly targeting last-mile logistics for e-commerce and 3PL players.
Euler Motors offers a range of electric cargo vehicles and has developed a robust charging network to support its fleet. With a team of 251-500 employees, the company is dedicated to accelerating mass electric mobility in India.
For more detailed information, you can visit their Crunchbase profile.
How Much Funding Has Euler Motors Raised?
- Seed Round
- Amount Raised: $2M
- Date: August 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Series A
- Amount Raised: ₹200M
- Date: May 2020
- Lead Investors: Athera Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's product line and scale production capabilities.
- Series A
- Amount Raised: ₹300M
- Date: March 2021
- Lead Investors: Athera Venture Partners, Jetty Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale production and enhance the company's market presence.
- Series A
- Amount Raised: $9.4M
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing product development and market expansion.
- Series B
- Amount Raised: $10M
- Date: November 2021
- Lead Investors: QRG Investments and Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance production capacity and expand the company's distribution network.
- Series B
- Amount Raised: $5M
- Date: April 2022
- Lead Investors: Moglix
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the development of new products and technologies.
- Series C
- Amount Raised: ₹4.8B
- Date: October 2022
- Lead Investors: GIC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production and enhance the company's market reach.
- Series C
- Amount Raised: ₹1.2B
- Date: November 2023
- Lead Investors: British International Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the launch of new products and expand the company's market presence.
- Series C
- Amount Raised: ₹2B
- Date: May 2024
- Lead Investors: Piramal Alternatives
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale production and enhance the company's market presence.
- Debt Financing
- Amount Raised: $20M
- Date: January 2025
- Lead Investors: responsAbility Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production, enhance distribution networks, and bolster R&D capabilities.
Total Amount Raised: $100.4M
Current Valuation: Not publicly disclosed
Key Investors
- Hero MotoCorp
- Details: Hero MotoCorp is a leading manufacturer of motorcycles and scooters, headquartered in India. The company has recently expanded its focus to include electric vehicles.
- Investment Focus Areas: Automotive, electric vehicles, sustainable mobility
- Notable Investments: Ather Energy, Gogoro, Hero Electric
- responsAbility Investments
- Details: responsAbility Investments is a Zurich-based impact asset manager specializing in private market investments. They focus on sustainable and impact-driven projects globally.
- Investment Focus Areas: Climate infrastructure, sustainable development, financial inclusion
- Notable Investments: Not specified
- British International Investment
- Details: British International Investment is a development finance institution from the UK. They invest in businesses and projects in emerging markets to drive sustainable economic growth.
- Investment Focus Areas: Sustainable development, renewable energy, financial services
- Notable Investments: Agritech Company Grow Indigo, renewable energy projects, financial services in developing countries
- Blume Ventures
- Details: Blume Ventures is an early-stage venture capital firm based in India. They invest in technology startups across various sectors.
- Investment Focus Areas: Technology startups, early-stage investments, growth-stage investments
- Notable Investments: Unacademy, Dunzo, HealthifyMe
- Piramal Alternatives India Access Fund
- Details: Managed by Piramal Group, this fund focuses on alternative investments in India. They invest across various high-growth potential sectors.
- Investment Focus Areas: Real estate, infrastructure, financial services
- Notable Investments: Not specified
What's Next for Euler Motors?
With the recent $20 million debt funding from responsAbility Investments, Euler Motors is poised to scale its production and enhance its distribution networks. The company aims to capitalize on the growing demand for electric vehicles in the logistics and e-commerce sectors, particularly with its newly launched Storm EV. This funding will also bolster research and development, paving the way for next-generation commercial EV technologies.
Future fundraising opportunities seem promising, given the successful Series C round and the current financial backing. Investors are likely to continue supporting Euler Motors as it expands its market reach and technological capabilities. However, the company will need to navigate challenges such as scaling production efficiently, maintaining a robust distribution network, and ensuring the reliability of its vehicles to sustain its growth trajectory.
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