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Euler Motors raises one other USD10 million to scale up capability, Auto Information, Automobilnews – Information by Automobilnews.eu

Euler Motors raises one other USD10 million to scale up capability, Auto Information, Automobilnews


With this, Euler Motors has raised USD 21.6 million since inception in 2018. It’s an automotive OEM targeted on electrical business automobiles.

New Delhi: EV startup Euler Motors on Monday introduced that it has raised an extra USD10 million, led by Delhi-based QRG Investments and Holdings. “The current traders Inventus Capital India, Blume Ventures, ADB Ventures, Jetty Ventures and Kailash Belief additionally participated on this fund increase,” an organization assertion stated.

With this, Euler Motors has raised USD 21.6 million since inception in 2018. It’s an automotive OEM targeted on electrical business automobiles.

Euler additionally plans to lift one other USD 50 million in its Collection B spherical subsequent yr. These funds can be utilised to scale up and strengthen its manufacturing capability to ship the order line up for its recently- launched HiLoad EV and likewise put together to cater to the demand from the retail phase, the corporate assertion stated. “Inside 10 days of the launch, the corporate has an order line up of 2500, which is anticipated to achieve 4500 in a yr. The funds can even be used to broaden its presence in each North and South India markets within the subsequent 2-3 quarters,” it stated.

Saurav Kumar, founder and CEO, Euler Motors, stated, “Now we have made important strides in constructing and validating our first electrical business automobile, HiLoad EV, and in broadening the charging and servicing ecosystem. The funding will enable us to additional develop and broaden our operations, and proceed to construct our organisation in all features with the skills essential to assist our mission.”

Anil Rai Gupta, chairman of QRG Investments and Holdings, stated, “EVs are the way forward for mobility and the flag bearers for making a much-needed vitality safety for the world in a sustainable approach. We’re proud to put money into Euler Motors, pioneering path breaking improvements in EV expertise for India, from India. Their buyer focus across the electrical business automobile and the supporting charging and servicing ecosystem has the potential to rework the face of intra-city logistics.”

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With orders of round 2,500 items from e-commerce gamers together with BigBasket, Flipkart and Udaan already in, Euler Motors stated it’s seeking to improve its manufacturing from 100 items a month at current to round 1,000 items a month within the subsequent one yr to satisfy the demand.

The brand new funds can be used for the launch of Euler Motors’ three-wheeler cargo automobile L5 this yr, and for supporting market growth to cities like Bengaluru, Kolkata, Ahmedabad, Pune and to Delhi NCR.



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Euler Motors raises one other USD10 million to scale up capability, Auto Information, Automobilnews – Information by Automobilnews.eu
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