Euler Motors, an electric vehicle (EV) company, on Monday, announced its latest round of funding in which it raised $10 million led by Delhi-based QRG Investments and Holdings. Existing investors Inventus Capital India, Blume Ventures, ADB Ventures, Jetty Ventures and Kailash Trust also participated in this round.
Euler Motors had launched HiLoad EV, an electric 3-wheeler commercial vehicle, in October this year. The vehicle has a load capacity of 688 kilograms.
The company plans to invest the funds raised to scale up and strengthen its production capacity to cater to its current order book of around 2500 units of HiLoad EVs ordered by various e-commerce platforms like BigBasket, Flipkart and Udaan.
Euler Motors currently has about 200 charging stations deployed in Delhi NCR to support EVs on the ground. Speaking to DH, the founder and CEO of Euler Motors Saurav Kumar said, “We also plan to expand to other cities soon. Bengaluru, Hyderabad, Chennai and Mumbai are next in line.”
Speaking about the 688-kilogram load capacity of HiLoad EV, Kumar said, “The idea of providing our customers with high load capacity was thought out to give the customer an option to earn more in a single trip which would enable them to pay off higher EMIs due to the relatively higher costs of EVs vis-à-vis IC (internal combustion) engine vehicles.”
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