Euler Motors, a prominent manufacturer of electric three-wheelers in India, has announced that it has successfully secured Rs 2 billion in funding as part of an ongoing funding round. The funding was led by Piramal Alternatives India Access Fund, with participation from existing investors such as British International Investment and Blume Ventures.
Focus on Last-Mile Mobility and Strong Technological Capabilities: The CEO of Piramal Alternatives, Kalpesh Kikani, expressed enthusiasm for the broader electric vehicle (EV) category and highlighted the company’s interest in last-mile mobility in the commercial and logistics sector. Kikani praised Euler Motors for its strong technology and research and development capabilities, which make it a promising player in the electric vehicle market.
Funding Rounds and Ambitious Goals: This recent funding round comes after Euler Motors raised Rs 120 crore from British International Investment and Green Frontier Capital in November. However, this round occurred at a lower valuation compared to the previous funding, which is commonly known as a “down round” in the startup ecosystem. Euler Motors had previously succeeded in raising $60 million in October 2022, valuing the company at an impressive $200-250 million. Saurav Kumar, the founder and CEO of Euler Motors, expressed his ambition to establish the company as India’s leading electric commercial vehicle brand through innovative products and outstanding services.
Expansion Plans and Growth Metrics: With this new infusion of capital, Euler Motors plans to expand its presence to 40 cities by FY25. The funds will also be allocated towards product development and research and development initiatives, enabling the company to enhance its offerings and technical capabilities. In FY24, Euler Motors reported impressive numbers, selling 3,700 vehicles and expanding its reach from 5 to 22 cities. The majority of Euler Motors’ showrooms are owned and operated by the company, while some operate under a dealership model. The company aims to strengthen its distribution network and increase accessibility for customers across the country.
Financial Performance and Revenue Increase: While Euler Motors reported a higher net loss of Rs 175 crore in FY23 compared to Rs 36 crore the previous year, the company also recorded a significant year-on-year increase in revenue from operations. With a growth rate of 250%, Euler Motors achieved revenue of Rs 620 million in FY23, showcasing its solid performance.
Driving Towards Market Leadership: Euler Motors’ commitment to technology, sustainable mobility, and expanding its market presence has sparked optimistic growth prospects. With the confidence of its investors and the fresh capital infusion, the company is on track to establish itself as a top player in the electric vehicle sector. Euler Motors aims to achieve a double-digit market share while continuing to prioritize quality products and superior customer services. Overall, this recent funding round not only positions Euler Motors for growth and expansion but also highlights the increasing interest and investment in the Indian electric vehicle market. As the country strives for cleaner and more efficient options in the transportation sector, companies like Euler Motors are leading the way towards a greener future.
