The Series C investment round for Euler Motors, a producer of electric commercial cars, was successfully closed. With this round, the total cash raised was Rs 570 crore, including the acquisition of an extra Rs 200 crore.
According to a news release, Euler Motors strengthened its market position in the fiscal year 2024 by selling 3,700 automobiles and increasing the number of places where it operates from five to 22. The company expects to establish operations in over 40 locations by the fiscal year the year 2025, and it intends to use the newly obtained money to improve its pan-Indian footprint and servicing infrastructure. The funding will also help with R&D and technology advancement as well as product development.
The latest cash infusion, together with continued investor confidence, according to Euler Motors CEO and founder Saurav Kumar, positions the company to aim for a double-digit market share. He emphasized that this development enhances their ability to accelerate expansion and lead India’s transition to commercial electric vehicles.
The CEO of Piramal Alternatives, Kalpesh Kikani, expressed his optimism regarding the electric vehicle market, particularly with regard to last-mile mobility in the logistics and commercial sectors. He mentioned that Euler Motor’s robust technological and R&D skills support this passion.
The recently established Piramal Alternatives India Access Fund (Fund of Funds), which gives investors access to a diversified portfolio of elite funds and carefully chosen co-investments in the fast-growing fields of Indian late-stage venture capital and private equity, is also making its first direct co-investment with this round.
Euler Motors has raised a total of Rs 770 crore in investment thus far.
