GIC leads Series C for India EV maker Euler

Other participants included Blume Ventures, Athera Venture Partners (formerly known as Inventus Capital Partners), ADB Ventures, industrial goods B2B marketplace Moglix, and QRG Investments & Holdings, the family-owned parent of local electrical equipment manufacturer Havells.

Euler raised USD 10m in November 2021 from Blume, ADB, Athera, Jetty Ventures, and Kailash Trust, according to AVCJ Research. This was described at the time as the first tranche of a larger round – with a target of USD 60m – that would close in early 2022.

Blume and Emergent Ventures India provided USD 2m in seed funding in 2019 and then Blume re-upped in a INR 200m (USD 2.6m) round the following year that also featured Athera and Jetty. ADB joined the cap table in early 2021, contributing to a INR 300m investment alongside Athera and Jetty. The latter two rounds were both classified as Series A.

Founded in 2018, Euler has developed a full-stack EV ecosystem comprising vehicles, driver and mechanic training, software, and charging stations and field assistance. Customers are principally e-commerce and third-party logistics providers looking for last-mile delivery solutions.

Last year, the company launched HiLoad EV, which it claims is India's most powerful EV three-wheeler for commercial users. The vehicle can carry up to 688 kilograms and has a single-charge range of 151 kilometres. The liquid cooled battery pack is developed in-house. More than 9,000 orders have been received to date.

Euler's charging network comprises over 500 points concentrated in the Delhi National Capital Region. Its software platform enables real-time GPS tracking, geofencing, and battery temperature and vehicle range monitoring.

The new capital will be used to scale up manufacturing and supply chain infrastructure, accelerate product development, and strengthen the team across key functions. The company is also keen to expand its distribution network and build its brand, with plans to establish a retail presence in 12 new markets by the end of the current financial year.

"The time for electric mobility in India is now, and we aspire to be a leading player in the growing Indian electric commercial vehicle segment. Our vision is to not only develop industry-leading products but also the ecosystem to support the EV transition," said Saurav Kumar, founder and CEO of Euler, in a statement.

According to Avendus Capital, which advised on the Series C round, EV sales in India reached 520,000 units in the 12 months ended March 2022, up from 238,000 a year earlier. Sales of two-wheeler scooters and e-rickshaws doubled, compared to 5x for three-wheelers and 3x for cars and buses. However, two-wheelers remain the dominant force in the market, accounting for 322,000 in sales.

In the three-wheeler cargo EV segment, volume increased from 800 to 6,400 units. Italy-headquartered Piaggio, which is best known for the Vesper brand, and local counterpart Mahindra Electric are the large incumbent manufacturers. They are being challenged by upstarts like Euler, Omega Seiki, Altigreen, and Etrio.

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• Topics
• South Asia
• Technology
• Industrials
• Expansion
• India
• GIC Private
• Blume Ventures
• Electric Vehicles
• Athera Venture Partners