Automotive technology start-up Euler Motors on Wednesday said it has raised USD 2.6 million (around Rs 18.8 crore) from new investor ADB Ventures, the venture investing arm of Asian Development Bank and existing investor Blume Ventures. With this, the company has closed the Series A funding round at USD 9.5 million. “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.
We believe it is testimony to our execution so far against our defined vision, and the quality of our innovation,” Euler Motors Founder and Chief Executive Officer Saurav Kumar said in a statement. Blume Ventures’ renewed investment is incredibly valuable and gives the company confidence that it is on the right path, he added. The company aims to use the funds for the upcoming launch of its three-wheeler cargo vehicle this year, and support market expansion in India to cities like Bengaluru, Kolkata, Ahmedabad and Pune in addition to Delhi NCR.
The latest round follows a capital infusion of USD 4 million led by its existing investors – Inventus Capital and Jetty Ventures announced earlier this month. With this, Euler Motors has raised a total of USD 11.6 million since its inception in 2018. Investors include ADB Ventures, Blume Ventures, Inventus Capital, Jetty Ventures, US-based Emergent Ventures, Andrew Lee, Sujeet Kumar, Cofounder, Udaan, and Srinivas Anumolu & K Ganesh from Growth Story.