Euler Motors, a manufacturer of electric three-wheelers secured Rs 120 crore (approximately USD 14.5 million) in an extended Series C funding round, co-led by British International Investment (BII) and Blume Ventures. This round also saw participation from new investor Green Frontier Capital, as well as existing investors, including Athera Venture Partners, ADB Ventures, Alteria Capital, GIC Singapore, and QRG Holdings.
Founded by Saurav Kumar in 2018, the Delhi-based company has now accumulated a total of Rs 690 crore in equity capital to date. The newly acquired funds will be used to accelerate Euler Motors’ expansion, with plans to enter 40 cities by the end of FY24, according to a company statement.
Approximately a year ago, Euler Motors raised USD 60 million in a funding round led by GIC Singapore in Series C round in September 2022.
For the fiscal year ending in March 2022 (FY22), Euler Motors reported a total revenue of Rs 19 crore. The startup data intelligence platform, TheKredible, disclosed that the company incurred losses of Rs 36 crore in FY22, although audited numbers for FY23 are yet to be filed.
Notably, earlier this year, Euler Motors implemented a workforce reduction of 10 per cent as part of restructuring efforts.
In the electric three-wheeler segment, Euler Motors competes with players like Altigreen and established legacy manufacturers such as Mahindra Electric, Piaggio, Kinetic Green, and Tata, among others.
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