Delhi-based electrical business automobile startup Euler Motors has secured Rs 638 crore in a Collection D funding spherical, in accordance with a press release launched on 19 Could.
The spherical was led by Hero MotoCorp, the world’s largest two-wheeler producer, with participation from British Worldwide Funding (BII), the UK authorities’s growth finance establishment.
With this newest infusion, Euler Motors’ complete funding has reached Rs 1,420 crore. Earlier backers embrace Blume Ventures, Athera Companions, Asian Growth Financial institution Ventures, and Piramal Alternate options.
The corporate plans to make use of the funds to scale its nationwide gross sales and repair community and speed up the event of latest electrical automobile fashions.
“This funding will assist us ramp up operations and convey revolutionary, high-performance business EVs to extra Indian companies,” mentioned Saurav Kumar, Founder and CEO of Euler Motors.
He added that Hero MotoCorp’s help affirms the startup’s mission to steer India’s business EV market and displays rising confidence within the nation’s electrical mobility transition.
Pawan Munjal, Govt Chairman of Hero MotoCorp, mentioned, “This strategic funding is a part of Hero’s broader development technique within the evolving mobility ecosystem, It opens up new alternatives in electrical cargo mobility whereas aligning with our dedication to sustainable innovation,”
Based in 2018, Euler Motors is an automotive OEM specialising in electrical business automobiles. The corporate focuses on growing India-specific EV options to hurry up the transition to wash transportation.
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