- Euler motors was founded in 2018 by Saurav Kumar
- The Company network of 100+ charging infrastructure in Delhi NCR for charging 200 electric vehicles at any point
Euler Motors, an automotive tech startup based out of New Delhi, has raised ₹20 crore as part of its ongoing series A funding round, led by Inventus Capital. The other investors in the fresh round of funding include Blume Ventures, Singapore-based Jetty Ventures India Investments, and Udaan’s co-founder Sujeet Kumar. The company was founded by Saurav Kumar in 2018. The company has established a network of 100-plus charging slots in Delhi-National Capital Region for charging over 200 electric vehicles at any point of time.
The company will utilize these funds for hiring talents, R&D, and launch of vehicles across Indian key cities with a focus on localisation of the supply chain.
In a media statement, Euler Motors Founder and CEO Saurav Kumar said,
“The series A funds will be primarily used for hiring talents, research and development (R&D), and launching our vehicles across key Indian cities with a focus on localisation of the supply chain.”
Arpit Agarwal, Principal at Blume Ventures, said,
“Blume Ventures has been associated with Euler Motors since early days. Our initial investment was on the promise of building world-class electric vehicles for Indian conditions. We believe their innovative business model brings down the total cost of ownership (TCO) and makes EVs accessible to many in Indian market.”
Inventus Capital India, MD, Rutvik Doshi, said.
“Euler Motors is an early frontrunner in the space and is well-positioned to build the EV ecosystem. Saurav and the team have built an impressive product with a unique approach to making it work at scale.”
Euler Motors is focused on sustainable last mile transport by accelerating the transition from internal combustion engines to new age electric vehicles and becoming a category leader for cargo and passenger vehicles. The company has a dedicated manufacturing and R&D facility for production of light commercial electric vehicles (EVs) and automotive-grade lithium-ion battery packs.