Electric vehicle-maker Euler Motors Pvt. Ltd has raised $60 million (Rs 480 crore) in a Series C round, led by Singapore’s sovereign wealth fund GIC.
In an interaction with VCCircle, Euler Motors’ founder and chief executive officer (CEO), Saurav Kumar said, the funds will be used to scale the EV’s manufacturing and supply chain infrastructure, accelerating product development, augmenting talent and expand its brand and distribution network.
With this, Euler Motors plans to expand its retail presence in 12 new markets by the end of this fiscal, Kumar added.
This round will value the EV maker at between $250-300 million, said a person in the know. However, Kumar declined to comment on the company’s valuation.
The funding round also saw participation by Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures and industrial goods marketplace Moglix.
Last year, Euler Motors launched the HiLoad EV, an electric cargo three-wheeler with a payload capacity of 688 kg. The EV now has an order book of over 9,000 units. Euler Motors said it has established a charging infrastructure with multiple charging options, customer-centric servicing as well as financing services.
Euler Motors was founded by Kumar in 2018 and currently houses 1,400 employees. By the end of the financial year, the company will add additional employees across all functions, Kumar said.
Avendus Capital was the adviser to Euler Motors on the transaction.
India’s EV segment is pegged to receive investments worth $12.6 billion across the automotive supply chain over the next five years, according to a 2021 joint report by Indospace and Colliers. The report also pointed out that 64% of the investments will be made in automakers and the rest in battery manufacturing.
Private investments in the EV space have picked up pace after a slight lull in 2020. In 2021, total private equity and venture capital investments in the segment grew 8x to $1.7 billion from $181 million year-on-year, according to a joint report titled ‘Electrifying Indian Mobility’ by IVCA-EY-Induslaw.
According to a recent analysis by VCCircle, multiple investors - bullish on burgeoning demand, higher sales forecast and a supportive regulatory environment around the EV ecosystem - are expected to double down on their investments.
This calendar year has already witnessed a slew of deals in the space. Recently, electric two-wheeler maker Ultraviolette raised $10 million from Amsterdam-based Exor Capital. Another two-wheeler maker, River, raised $11 million in a Series A round led by Chris Sacca’s Lowercarbon Capital, with participation from Toyota Ventures. Meanwhile, ride-hailing start-up BluSmart Electric Mobility said in July that it is close to raising $250 million from investors, including Bp Ventures.
