Industrial electrical car make Euler Motors Pvt Ltd has raised $60 million ( ₹480 crore) in a Collection C funding spherical led by GIC Singapore.
The funding spherical additionally noticed participation by Blume Ventures, Athera Enterprise Companions (previously Inventus India), QRG Holdings, ADB Ventures and industrial items market Moglix additionally collaborating within the spherical.
The funds shall be used to scale up its manufacturing and provide chain infrastructure, speed up product improvement and increase expertise throughout key capabilities within the group. Additionally it is trying to broaden the distribution community and model constructing whereas persevering with to deal with its core values of innovation, efficiency, and design,“ mentioned Saurav Kumar, Founder and CEO, Euler Motors in an interplay with VCCircle.
With this, Euler Motors plans to broaden its retail presence in 12 new markets by the tip of this fiscal, Kumar famous.
Kumar declined to touch upon the valuation however an individual within the know mentioned the newest fundraise will worth the EV maker at between $250-300 million.
Final yr, Euler Motors launched the HiLoad EV, an electrical cargo three-wheeler with an industry-leading payload capability of 688 kg. The EV now has an order ebook of over 9000 autos. Euler Motors mentioned it has established a charging infrastructure with a number of charging choices, customer-centric servicing in addition to financing companies.
Euler Motors was based in 2018 by Kumar. At present, it has 1,400 staff. By the tip of the monetary yr, the corporate will add extra staff throughout all capabilities, Kumar mentioned.
Avendus Capital was the advisor to Euler Motors on the transaction.
India’s EV phase is pegged to obtain investments value $12.6 billion throughout the automotive provide chain over the subsequent 5 years, in line with a 2021 joint report by Indospace and Colliers. The report additionally identified that 64% of the investments shall be made in automakers and the remaining in battery manufacturing.
Investments within the EV area have picked up tempo after a slight lull in 2020. In 2021, whole non-public fairness and enterprise capital investments within the EV phase grew eightfold to $1.7 billion in 2021, from $181 million in 2020, in line with a joint report titled ‘Electrifying Indian Mobility’ by IVCA-EY-Induslaw.
Bullish on burgeoning demand, greater gross sales forecast and a supportive regulatory atmosphere across the EV ecosystem, buyers are anticipated to double down on their investments.
This calendar yr has already witnessed a slew of offers within the area. Just lately, electrical two-wheeler maker Ultraviolette raised $10 million from Amsterdam-based Exor Capital. One other two-wheeler maker, River, raised $11 million in a Collection A spherical led by Chris Sacca’s Lowercarbon Capital, with participation from Toyota Ventures. In the meantime, ride-hailing start-up BluSmart Electrical Mobility mentioned in July that it’s near elevating $250 million from buyers, together with Bp Ventures.
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Supply: Live Mint