EV maker Euler Motors raises Rs 120 crore in down round
Euler Motors, which makes electric three-wheeler commercial vehicles, on Monday said it had raised Rs 120 crore in a funding round that included new investors such as the UK government-backed British International Investment, and Indian venture firm Green Frontier Capital.
The firm did not disclose the valuation at which the funding happened, but founder and chief executive Saurav Kumar told ET that it was at a lower valuation than the previous fundraise—a down round, in startup parlance. The firm had last raised funding in October 2022, when it received an investment of $60 million at a $200-250 million valuation, per news reports and Tracxn.
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The latest funding round also saw participation from existing investors Athera Venture Partners, ADB Ventures, Blume Ventures and GIC Singapore, among others. The funding takes the tally of total investments into the firm to about Rs 690 crore, it said in a statement. Euler is at an annual revenue run rate of about Rs 200 crore for FY24.
“We envision Euler Motors’ position as a pre-eminent one in the electric commercial vehicle OEM domain. Venturing into an industry primed for groundbreaking growth, we’re confident in the company’s superior product quality and its strategic market
