Euler Motors Raise $10 Million Led By QRG Holdings and Investments
Noida-based EV start-up, Euler Motors on Monday announced that it has raised an additional $10 Million led by Delhi-based QRG Investments and Holdings.
Existing investors Inventus Capital India, Blume Ventures, ADB Ventures, Jetty Ventures, and Kailash Trust also participated in this fundraising. This marks the first investment by QRG Investments and Holdings in an EV brand in India.
Euler Motors also plans to further raise $50 Million in its Series B round in the coming year.
The company plans to utilize these funds to scale up and strengthen its production capacity to deliver the strong order line up for its recently launched HiLoad EV and also prepare to cater to strong demand from the retail segment, it said in a press release.
So far within 10 days from launch, the company already has a 2500 order line up, which is expected to reach 4500 in the next one year. The funds will also be used to expand its presence in both North and South India markets in the next 2-3 quarters.
With this, Euler Motors has raised a total of $21.6 million since inception in 2018.
Saurav Kumar, Founder and CEO, Euler Motors, said, 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.
“We have made significant strides in building and validating our first electric commercial vehicle, HiLoad EV as well as broadening the charging & servicing ecosystem. The funding will allow us to further the development & expansion of our operations, and continue building our organization in all functions with the talent necessary to support our mission." he added.
Anil Rai Gupta, Chairman of QRG Investments and Holdings, said, “EVs are the future of mobility and the flag bearers for creating much-needed energy security for the world in a sustainable way. We are proud to invest in Euler Motors, pioneering path-breaking innovations in EV technology for India. Their customer focus around the electric commercial vehicle and the supporting charging & servicing ecosystem has the potential to transform the face of intra-city logistics. We are confident in Saurav’s and his team’s vision, and their passion to bring progressive ecosystem changes for a sustainable future.”
The company recently launched a three-wheeler cargo HiLoad EV.
Euler Motors already manages a network of 200+ charging stations in Delhi NCR to support electric vehicles on the ground; it has now introduced multiple charging systems. These range from mobile ‘Charge on Wheels’ vehicles to advanced charging variants – such as fast chargers and home or onboard chargers which are available for a seamless customer experience with EVs.
With deployments across customers such as BigBasket, Flipkart, and Udaan, Euler Motors’ vehicles have completed over 10 million deliveries and helped reduce carbon emissions of over 2.2 million tonnes.
