Euler Motors Secures Rs 200 Crore Funding for Expansion

Euler Motors raises an additional Rs 200 crore in Series C funding.

  • Euler Motors raises an additional Rs 200 crore in Series C funding.
  • Funds will be used to expand to over 40 cities by FY25 and enhance product development.
  • The company aims to become India’s top electric commercial vehicle brand.

Euler Motors has raised an additional Rs 200 crore in its Series C funding round, led by Piramal Alternatives India Access Fund. This brings the total funding in this series to Rs 570 crore, with participation from internal investors like British International Investment and Blume Ventures.

The new capital will help Euler Motors expand its presence to over 40 cities by FY25, enhance service infrastructure, and advance product development. In FY24, the company sold 3,700 vehicles and expanded from five to 22 cities. CEO Saurav Kumar expressed confidence in achieving a double-digit market share and leading the transition to commercial EVs in India.