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Euler Motors, An Electric Vehicle Startup, Has Raised $5 Million From Moglix

TNI || New Delhi || 21st April 2022

Electric vehicles (EVs) have carved out a niche for themselves in the automobile industry. One of the businesses that has benefited the most from EVs is the commercial sector, which is where Euler Motors excels.

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For customers with relatively minor commercial demands, the company produces light, quick-charging EVs with high load capacity. 

As per recent developments, Euler Motors, an electric vehicle (EV) manufacturing company based in New Delhi, India, has secured $5 million from Moglix, a B2B industrial goods market.

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This could be part of the startup’s Series B investment, which started in November. Since launching as a company in 2018, Euler Motors has received more than $26 million, with the current round expected to close at around $60 million.

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The company claims to have delivered dozens of EVs to BigBasket, Ecom Express, and Udaan. According to the report, the company has received orders for roughly 2,500 vehicles from Flipkart and BigBasket.

Euler’s operating revenue increased by 76 percent in the fiscal year ending March 31, 2021. According to the report, the company’s total expenditure increased by nearly 98 percent.

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Due to rising demand for electric vehicles, automakers have teamed up with third parties and applications to help EV owners speed the process of keeping their vehicles charged.

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Charging stations, according to automakers, have the potential to attract EV drivers to retail locations, expand automakers’ ties with vehicle owners, and encourage more customers to explore EVs.