TNI || New Delhi || 23rd Nov 2021
Euler Motors, an EV startup, has announced that it has raised additional funding of 10 million USD led by QRG Investment and Holdings, a Delhi based company.
As per the statement by Euler, the present investors such as Blume Ventures, ADB Ventures, Inventus Capital India, Kailash Trust & Jetty Ventures also participated in the fund-raise.
After this investment booster, Euler has raised 21.6 million USD since the time it was formed in 2018. Euler, which is an automotive OEM focused on commercial vehicles, has plans to raise another 50 million USD in the Series B round, which is scheduled to take place next year.
With these funds, Euler will be able to scale up its production capacity and also strengthen it to deliver the orders for its recently lined-up HiLoad EV and at the same time prep itself to cater to the demand from the ever-growing retail segment.
The company statement further said that within 10 days of its launch, the vehicle has an order lineup of 2500 units, which is bound to increase to 4500 in a year.
Besides investing in the infrastructure and the product, Euler has plans to use the funds for expansion across North & South India in the next 2-3 quarters.