ETAutoElectric vehicle startup Euler Motors has raised $2.6 million in funding from the venture arm of Asian Development Bank along with participation from existing investor Blume Ventures, bringing to a close the company’s $9.5 million Series A round.
Euler manufactures three-wheeler cargo EVs that are finding a lot of takers in the third-party logistics sector for first and last-mile deliveries, especially now that e-commerce players such as Amazon and Flipkart have committed to converting their fleet to EVs.
The investment in Euler marks ADB Ventures’ first investment in the EV sector globally, with the latest funding bringing the total capital raised by Euler to $11.6 million since its inception in 2018.
“ADB Ventures’ investment in Euler Motors signals a growing market readiness for EV in India. We are delighted and proud that ADB Ventures have chosen Euler Motors as their first investment in an EV company,” said Saurav Kumar, founder and CEO at Euler Motors.
The startup says it will utilise the capital to launch its more advanced three-wheeler cargo EV the L5 in the next quarter, to take advantage of the increased demand in the market, which according to Euler went up by 200% last year.
Euler says that it already has over 250 EVs deployed across supply chains of firms like BigBasket, EcomExpress and Udaan in Delhi NCR and has over 100 charging points to support the same. It is now looking to expand into Bangalore, Kolkata, Ahmedabad and Pune.
“Euler has positioned itself to capitalize on tailwinds including falling battery prices, policies favoring a transition to electric vehicles, and increasing demand for last-mile delivery solutions. It's a great example of a company that has the right tech and business model at the right place and time,” said Daniel Hersson, Senior Fund Manager at ADB Ventures.
Euler also counts Inventus Capital, Jetty Ventures, US-based Emergent Ventures, Udaan cofounder Sujeet Kumar, and Srinivas Anumolu and K Ganesh from Growth Story as its other investors.
Euler manufactures three-wheeler cargo EVs that are finding a lot of takers in the third-party logistics sector for first and last-mile deliveries, especially now that e-commerce players such as Amazon and Flipkart have committed to converting their fleet to EVs.
Liking this story?yesno
The investment in Euler marks ADB Ventures’ first investment in the EV sector globally, with the latest funding bringing the total capital raised by Euler to $11.6 million since its inception in 2018.
“ADB Ventures’ investment in Euler Motors signals a growing market readiness for EV in India. We are delighted and proud that ADB Ventures have chosen Euler Motors as their first investment in an EV company,” said Saurav Kumar, founder and CEO at Euler Motors.
The startup says it will utilise the capital to launch its more advanced three-wheeler cargo EV the L5 in the next quarter, to take advantage of the increased demand in the market, which according to Euler went up by 200% last year.
Euler says that it already has over 250 EVs deployed across supply chains of firms like BigBasket, EcomExpress and Udaan in Delhi NCR and has over 100 charging points to support the same. It is now looking to expand into Bangalore, Kolkata, Ahmedabad and Pune.
“Euler has positioned itself to capitalize on tailwinds including falling battery prices, policies favoring a transition to electric vehicles, and increasing demand for last-mile delivery solutions. It's a great example of a company that has the right tech and business model at the right place and time,” said Daniel Hersson, Senior Fund Manager at ADB Ventures.
Euler also counts Inventus Capital, Jetty Ventures, US-based Emergent Ventures, Udaan cofounder Sujeet Kumar, and Srinivas Anumolu and K Ganesh from Growth Story as its other investors.