EV startup Euler Motors on Thursday said it has raised Rs 30 crore as part of its ongoing series A round, led by existing investors, Inventus India and Jetty Ventures.
Existing investor Sujeet Kumar, Co-founder, Udaan also participated in this round, along with new investors Srinivas Anumolu and K Ganesh from Growth Story, the company said in a statement.
The startup plans to use these funds for a new production facility, research and development (R&D) activities, and expansion of charging and servicing infrastructure, it added.
The Delhi-based firm has so far raised Rs 50 crore in its series A fund raising. Since inception it has raised nearly Rs 65 crore.
"Our vision is to make electric vehicles mainstream in India by building commercial vehicles that are at par with ICE vehicles in terms of quality and performance. The new investment has come at a time when the company has demonstrated extreme resilience during the pandemic and is now all set for the next phase of growth," Euler Motors Founder and CEO Saurav Kumar said.
The fresh investment is significant as it comes at a point when the company is gearing up to launch its first electric cargo three-wheeler in the second quarter of this year and plans to expand to new markets in the country, he added.