Electric vehicle company Euler Motors said Tuesday it has raised Rs 120 crore ($14.4 million) in an extended Series C round from British International Investment (BII), the UK government’s development finance institution, and climate-focused investment firm Green Frontier Capital.
Existing investors Athera Venture Partners, ADB Ventures, Blume Ventures, Alteria Capital, Singapore sovereign wealth fund GIC and QRG Holdings also participated in the round.
With this, the company has raised a total of Rs 690 crore across several funding rounds.
The development comes a year after Euler raised Rs 480 crore in a Series C funding round led by GIC.
Euler said it plans to use the fresh capital to drive its pan-India expansion initiatives as it looks to enter 40 cities by the end of the financial year 2023-24. The additional funds will also help Euler expand its service and charging network nationwide to facilitate the adoption of electric vehicles across the country, the company said in a press release.
The company plans to raise additional funds over the next year as needed to execute its plan to scale up production, presence and services while setting sight towards the global market.
“Climate finance is a key part of our Indian investment strategy. In total, BII expects to invest $1 billion on climate finance in India between 2022 and 2026,” said Manav Bansal, managing director and head of India, BII.
Bansal said the commercial vehicle segment is important both for job creation and emission reduction, which is in line with BII’s objectives to promote productive, sustainable and inclusive economic growth.
Euler Motors, which was founded in 2018, makes electric commercial vehicles. Its flagship product, the new HiLoad EV, has a 12.96 kWh battery pack, a real range of 100-120 km, and a payload capacity of 688 kg.
