India's Euler Motors gets $14m Series C extension
India’s Euler Motors, a logistics-focused electric three-wheeler maker, has lifted its Series C round to about USD 83m with a USD 14m tranche featuring cleantech investor Green Frontier Capital.
This marks Green Frontier’s seventh investment in the electric vehicle (EV) space since it was founded in 2020. The US-based and India-focused investor was joined by Blume Ventures and British International Investment (BII), which is co-investing with Blume.
“BII expects to invest USD 1bn on climate finance in India between 2022 and 2026,” Manav Bansal, head of India at BII said in a statement.
“This segment [EV commercial cargo transportation] is important, both for job creation and emission reduction, which is in line with our strategic objectives to promote productive, sustainable and inclusive economic growth.”
GIC led a USD 60m Series C investment in October last year that also featured Blume, as well as Athera Venture Partners, ADB Ventures, industrial good B2B marketplace Moglix, and QRG Investments & Holdings, the parent of local electrical equipment manufacturer Havells.
Blume has backed the company since its seed round in 2019 when it provided USD 2m alongside Emergent Ventures India. The VC firm re-upped later that year in an approximately USD 2.6m round featuring Athera and Jetty Ventures.
“We felt that commercial EVs made more sense than passenger EVs, because for some time to come, the cost of making EVs is going to be higher than the cost of making IC [internal combustion] engine vehicles,” Arpit Agarwal, a partner at Blume, told AVCJ last year. “The only way people will realise the economics is if they run vehicles a lot, which is the commercial segment.”
Euler distinguishes itself as a specialist in rugged EVs for e-commerce, third-party logistics, and last-mile delivery providers. It claims to offer a full-stack EV ecosystem comprising vehicles, driver and mechanic training, software, and charging stations and field assistance.
Euler EVs are said to have collectively transported goods over more than 45m kilometres. The flagship model, called HiLoad, is marketed as India’s most powerful electric cargo three-wheeler with the industry’s most powerful battery pack, a 170-kilometre range, and a 688-kilogram payload capacity.
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