The new capital injection will be used to expand its nationwide presence and service infrastructure, aiming to establish operations in over 40 cities by FY25. 
Special 
The new capital injection will be used to expand its nationwide presence and service infrastructure, aiming to establish operations in over 40 cities by FY25. Euler Motors, one of the leading manufacturers of electric commercial vehicles, has closed its Series C funding round by raising an additional Rs 200 crore by internal investors which include British International Investment, UK’s development finance institution and impact investor, Blume Ventures.
Piramal Alternatives India Access Fund led this round’s fresh infusion of funds. The company has raised Rs 570 crore in total from investors in this series.
The new capital injection will be used to expand its nationwide presence and service infrastructure, aiming to establish operations in over 40 cities by FY25. In FY24, the company achieved sales of 3,700 vehicles and expanded from five to 22 cities, solidifying its market position.
Moreover, the funds will be allocated towards the company’s strategic endeavours focused on advancing product development, introducing new variants, bolstering technological capabilities, and expediting R&D.
Commenting on the fundraising activity, Saurav Kumar, Founder and CEO, Euler Motors said, “We welcome the support of both existing and new investors. Our aim is to establish Euler Motors as India’s No. 1 electric commercial vehicle brand with our powerful products and best-in-class services. Over the past three years, we’ve demonstrated impressive growth, gained the confidence of customers, and created a heightened demand for our products. This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share. With this momentum, we’re ready to accelerate our growth trajectory and lead the transition to commercial EVs in India.”
With the fresh infusion of funds, Kalpesh Kikani, CEO, Piramal Alternatives said that this is also the first direct co-investment from the recently launched Piramal Alternatives India Access Fund (Fund of Funds), which enables investor access to a well-diversified portfolio of both best-in-class funds as well as specially curated co investments across the high growth Indian private equity and late-stage venture capital space.
Founded in 2018 in New Delhi, Euler Motors has raised Rs 770 crore till now and the last fundraise happened in November 2023.
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