Commercial EV maker Euler Motors raises $60 mn in funding round led by GIC

Company will use the money to strengthen manufacturing, supply chain and hire talent

Euler Motors, an electric commercial vehicles builder, has raised $60 million in a fundraising round led by GIC Singapore.

The series C funding round also saw participation by Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures and Moglix.

Euler Motors will use the funds to scale up its manufacturing and supply chain, product development and augment talent. It will invest in distribution network and brand building as it expands its retail presence in 12 new markets by the end of this fiscal.

“Our vision is to not only develop industry-leading products but also the ecosystem to support the EV transition,” said Saurav Kumar, founder and chief executive officer of Euler Motors. “This investment will fuel our ambition to establish Euler Motors as a frontrunner to drive electrification of commercial mobility in India.”

Euler Motors, which was established in 2018, said it is facilitating the global transition to electrification and making mobility sustainable. Euler Motors last year launched HiLoad EV, an electric cargo three-wheeler with a payload capacity of 688 kg. The company said HiLoad EV has an order book of more than 9,000 vehicles.

Euler Motors said it has also established a charging infra with multiple charging options, customer-centric servicing as well as financing services. Avendus Capital was the advisor to Euler Motors on the transaction.