Euler Motors Secures Rs 200 Crore in Series C Funding

New Delhi-based electric vehicle maker, Euler Motors, has raised an additional Rs 200 crore in its series C funding round. Led by investors such as British International Investment and Blume Venture, the total amount raised now stands at Rs 570 crore. CEO Saurav Kumar plans to use the funds to scale infrastructure and expand to over 40 cities by FY25.

Electric vehicle maker Euler Motors on Wednesday said it has raised an additional Rs 200 crore in the series C funding round.

Existing investors like British International Investment, Blume Venture and new investor Piramal Alternatives India Access Fund led this round's fresh infusion of funds, the company said in a statement. The company has raised Rs 570 crore in total from investors in series C funding round, it added.

''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,'' Euler Motors Founder & CEO Saurav Kumar said.

Euler Motors said it will utilise the fresh infusion of capital to further scale its pan-India presence and servicing infrastructure and establish a presence in over 40 cities by FY25. Till now, Euler Motors said it has till date raised an amount of Rs 770 crore.