By Euler Motors, an automotive technology OEM focused on electric commercial vehicles (EVs) today announced that it has closed its Series A funding round at $9.5 M, with additional investments of $2.6M raised from new investor ADB Ventures, the venture investing arm of Asian Development Bank and existing investor Blume Ventures. This also marks the first investment by ADB Ventures in an EV company globally.
This round follows capital infusion of $4 Million led by its existing investors – Inventus Capital and Jetty Ventures – announced earlier this month. With this, Euler Motors has raised a total of USD 11.6M since inception in 2018. Investors include ADB Ventures, Blume Ventures, Inventus Capital, Jetty Ventures, US based Emergent Ventures, Andrew Lee, Sujeet Kumar, Cofounder, Udaan, and Srinivas Anumolu & K Ganesh from Growth Story.
The new funds will be used for Euler Motors’ upcoming launch of its three-wheeler cargo vehicle this year, and support market expansion in India to cities like Bangalore, Kolkata, Ahmedabad & Pune – in addition to Delhi NCR. Euler Motors has a full stack ecosystem approach towards making commercial EV mainstream and enabling seamless customer adoption. Since inception, Euler Motors has established a network of 100+ charging infrastructure in Delhi NCR that can charge 200+ electric vehicles at any given point and boasts over 250 vehicles deployed across ecommerce and 3PL companies to fulfill last-mile intra-city delivery requirements.
With deployments across customers such as BigBasket, EcomExpress and Udaan, Euler Motors’ vehicles have completed over 10 million deliveries and helped reduce carbon emissions of over 2.2 million tonnes. With almost 200% increase in demand last year, the company is all set to launch an advanced technology L5 vehicle in the upcoming quarter. On its first investment in an EV company in India, Daniel Hersson, Senior Fund Manager, ADB Ventures, said, “Euler Motors has positioned itself to capitalize on tailwinds including falling battery prices, policies favoring a transition to electric vehicles, and increasing demand for last-mile delivery solutions. It’s a great example of a company that has the right tech and business model at the right place and time.”
