Electrical Vehicle automobile startup Euler Motors has raised ₹30 Cr as part of its series A fundraise. The entire fund that Euler Motors raised till date, including this raise makes it to a total of ₹ 65 crore.
The fund was led by Inventus India and Jetty Ventures, the startup’s current buyers, and similarly saw the participation of another existing investor, Sujit Kumar, co-founder of the on-line B2B commerce platform Udaya. Meanwhile, new buyers of the development story Srinivas Anmolu and OK Ganesh also joined the region.
Excited to announce that we’ve raised additional INR 30 Crore from our investors @InventusIndia & @Jetty_Ventures as part of Series A round. With this round of investment, we plan to launch our commercial three-wheeler in Q2 of 2021. https://t.co/ZxCLgdxX95 @EconomicTimes pic.twitter.com/0i0W2OU6vD
— EulerMotors (@EulerMotor) March 4, 2021
Incorporated in 2018, the startup is looking forward to launching new electrical three-wheelers. They already have more than 250 electrical three-wheelers deployed in Delhi-NCR by startups which are developed by big brands like BigBasket, EcomExpress and Udaan.
With the latest funding, the company plans to build a brand new manufacturing facility to develop its charging and servicing infrastructure.
Saurav Kumar, the founder and chief executive officer of Euler Motors in a statement shares that this new investment came to the organisation at a time when the company illustrated extreme flexibility during the pandemic and is now all set for the next growth phase. He further added that he is delighted that the existing investors trust the vision and execution of the organisation and have chosen to continue to invest in Euler Motors.
Kumar is not a new face within the Indian startup ecosystem. In 2012, Kumar, along with two others, formed the expertise start-up Dice26, which sought funding from Tiger World Administration and Flipkart. The startup was later acquired by Vijay Shekhar Sharma’s the mind behind Paytm.