Euler Motors Pvt. Ltd, an automotive tech startup, has raised Rs 20 crore ($2.66 million) in its Series A round of funding led by an early-stage investor Inventus Capital Partners.
Others that contributed to the round include Jetty Ventures and Sujeet Kumar, co-founder of VC-backed business-to-business (B2B) e-commerce platform Udaan, Euler said in a statement. Existing backer Blume Ventures also pooled in the capital.
Euler said it had previously raised Rs 15 crore from Blume Venture, US-based Emergent Ventures and Andrew Lee.
As part of the deal, Rutvik Doshi, a general partner at Inventus, has joined Euler Motor’s board.
New Delhi-based Euler Motors was founded in 2018 by Saurav Kumar. It is focused on first solving last-mile logistics for e-commerce and third-party logistics provider players to accelerate India's transition to sustainable mobility, according to its website.
The startup has partnered with companies such as BigBasket, Blue Dart, Ecom Express and Udaan.
Euler Motors had first raised funding from Blume Ventures, Emergent Ventures and an individual investor early last year.
The venture capital firm had hit the final close of its third fund at $52 million last year.
The third fund’s size is half of the second fund. The VC firm had raised about $52 million for the first fund in 2008 and $106 million for the second vehicle in 2013. Both funds invested in Indian and American startups.
However, the firm spliced up its latest fund to make it an India-dedicated investment vehicle. Inventus India is led by general partners Parag Dhol, Rutvik Doshi and Samir Kumar.
The third fund's other investments include Worxogo, BluArmor Helmets, Little Black Book, Koinearth and Playshifu. From the previous funds, it has invested in companies such as Policybazaar, Power2SME, Healthifyme, Truebil and PeelWorks.