Euler Motors has closed a Series D funding round, netting a total of Rs 638 crore ($74.7 million), as the maker of electric commercial vehicles seeks to expand its sales and service network and tap into growing demand for EVs by enterprises.
The capital raised will also drive new product development, the company said in a statement Monday.
“With this fresh capital and strategic backing from new and existing investors, we are poised to accelerate our scale, continue innovating to deliver superior products, and come a few steps closer towards becoming India’s No. 1 commercial EV brand,” said Saurav Kumar, founder and CEO, Euler Motors.
Hero MotoCorp led the round while existing investor British International Investment (BII) also joined, Euler said.
The announcement comes after two-wheeler maker Hero MotoCorp said in March it would pour Rs 525 crore into New Delhi-based Euler Motors for a 32.5% stake.
The investment will also allow the two-wheeler maker to enter the growing electric three- and four-wheeler market, Hero MotorCorp's Executive Chairman Pawan Munjal said in the statement on Monday.
Euler Motors, founded in 2018, specialises in electric commercial vehicles for ecommerce and third-party logistics businesses. The company recently launched a four-wheeler light commercial vehicle called StormEV.
The latest round of funding comes nearly a year after it closed a Series C round, raising a total of Rs 570 crore. BII, venture capital firm Blume Ventures and a new investor, Piramal Group's fund management arm Piramal Alternatives, participated in the round.
To date, the company has raised Rs 1,420 crore in funding, which includes the Series D round. Its other investors include Athera Partners and ADB Ventures.
