Euler Motors, an Indian electric vehicle manufacturer, has raised Rs 120 crore in an extended Series C funding round led by British International Investment (BII), the UK government's development finance institution and impact investor. Other participants in the round include new investor Green Frontier Capital and existing investors Blume Ventures, ADB Ventures, Alteria Capital, GIC Singapore, and QRG Holdings.
The fresh capital will be used to drive Euler Motors' pan-India expansion initiatives, with the company planning to enter 40 cities by the end of FY 2023–24. The company also plans to strengthen its charging network and invest in the development of new products and technologies.
Euler Motors is a leading manufacturer of commercial electric vehicles in India. The company's products include the HiLoad EV cargo three-wheeler and the MiLoad EV passenger three-wheeler. Euler Motors' vehicles are used by a variety of customers, including e-commerce companies, logistics firms, and passenger transportation operators.
The company's latest fundraising round is a significant milestone for Euler Motors and the Indian EV industry as a whole.The investment from BII is a vote of confidence in Euler Motors' business model and its commitment to developing innovative EV solutions. The funding will help Euler Motors accelerate its growth and expansion plans and make a significant contribution to the Indian government's goal of electrifying the country's transportation sector.
[image credtis: the economis times]
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