NEW DELHI, May 26: Automotive technology start-up Euler Motors on Tuesday said it has raised Rs 20 crore as part of its ongoing series A funding, led by Inventus Capital.
The other investors in the fresh round of funding include Blume Ventures, Singapore-based Jetty Ventures India Investments and Udaan’s co-founder Sujeet Kumar.
Earlier, as part of its pre-series A round, the company had raised Rs 15 crore from Blume Venture, US-based Emergent Ventures and Andrew Lee.
“The series A funds will be primarily used for hiring talents, research and development (R&D), and launching our vehicles across the Indian key cities with a focus on localisation of the supply chain,” Euler Motors Founder and CEO Saurav Kumar said.
The company has a dedicated manufacturing and R&D facility for production of light commercial electric vehicles (EVs) along with automotive-grade lithium-ion battery packs that could match the performance required for intra-city logistics in all-weather, temperatures and road conditions.
In the last 18 months, companies like BigBasket, EcomExpress and Udaan have employed more than 200 prototype e-vehicles of the company for their last-mile delivery, Euler Motors said.
The company has also established a network of 100-plus charging infrastructure in Delhi-National Capital Region for charging over 200 electric vehicles at any point, it added.
“Euler Motors is an early front-runner in the space and is well-positioned to build the EV ecosystem. Saurav and the team have built an impressive product with a unique approach to making it work at scale,” Inventus Capital India MD Rutvik Doshi said. (PTI)
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