Electric vehicle maker Euler Motors on Monday announced raising additional capital of $10 million (around Rs 74 crore) from a clutch of investors, led by QRG Investments and Holdings. This marks the first investment by QRG Investments and Holdings in an EV brand in India, the company said in a release.
The platform also said it plans to raise $50 million in a Series B funding round next year.
Existing investors Inventus Capital India, Blume Ventures, ADB Ventures, Jetty Ventures, and Kailash Trust also participated in the latest round of capital infusion, it said, adding Euler Motors has now raised a total of $ 21.6 million since inception in 2018.
The New Delhi-based startup launched its first e-three-wheeler cargo HiLoad late last month.
The company plans to utilize these funds to scale up and strengthen its production capacity to deliver the strong order line-up for HiLoad and also prepare to cater to the strong demand from the retail segment.
The funds will also be utilized for expanding presence in North and South India markets in the next 2-3 quarters, Euler Motor said. The company said it received orders for 2,500 vehicles within 10 days of its launch and this number is expected to touch 4,500 units in the next year.
"The funding will allow us to further the development and expansion of our operations, and continue building our organization in all functions with the talent necessary to support our mission, '' said Saurav Kumar, Founder-CEO, Euler Motors.
"We are at a juncture where both Euler Motors and the EV industry are burgeoning with opportunity, and we want to create a market with our powerful products and ecosystem solutions to make EVs mainstream," he said.
The startup has made significant strides in building and validating its first electric commercial vehicle as well as broadening the charging and servicing ecosystem, Kumar added.
''We are proud to invest in Euler Motors, pioneering path-breaking innovations in EV technology for India, from India. Their customer focus around the electric commercial vehicle and the supporting charging and servicing ecosystem have the potential to transform the face of intra-city logistics," said Anil Rai Gupta, Chairman, QRG Investments and Holdings.
Euler Motors already manages a network of over 200 charging stations in Delhi-NCR to support EVs on the ground and has now introduced multiple charging systems, according to the release.
These range from mile 'Charge on Wheels' vehicles to advanced charging variants.
(With inputs from PTI)