Electric vehicle startup Euler Motors has raised Rs 30 crore as a part of its series A fundraise to further strengthen its expansion across the country.
The investment was led by the startup’s existing investors Inventus India and Jetty Ventures, and also saw participation from another existing investor Sujeet Kumar, cofounder of online B2B trade platform Udaan.
Meanwhile, new investors Srinivas Anumolu and K Ganesh from Growth Story too joined in on this round. Founded in 2018, the startup is also looking to launch new electric three-wheelers this year.
The company already has over 250 electric three-wheelers, which have been deployed by startups like BigBasket, EcomExpress and Udaan in Delhi-NCR. This takes its total fundraising, so far, to Rs 65 crore. With the latest investment, the company plans to build a new production facility as well as expand its charging and servicing infrastructure.
Commenting on the fundraising initiative, Euler Motors founder and Chief Executive Officer Saurav Kumar said the new investment has come at a time when the company has demonstrated extreme resilience during the pandemic and is now all set for the next phase of growth.
“I am delighted that our existing investors trust our vision and execution, and have chosen to continue to invest in Euler Motors,” said Saurav Kumar.
Saurav Kumar is no new face in the Indian startup ecosystem. In 2012, Kumar along with two others had founded the technology start-up Cube26, which had made news for its funding from Tiger Global Management and Flipkart. The startup was later acquired by Vijay Shekhar Sharma’s Paytm.