Electric vehicle maker Euler Motors on Tuesday said it has raised USD 60 million (around Rs 489 crore) in series C fundraising, led by GIC Singapore.
The funding round also saw participation by Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures and Moglix, the company said in a statement. The company aims to utilise the funds to scale up its manufacturing and supply chain infrastructure, accelerate product development and augment talent across key functions in the organisation, it added.
The company will also invest in expanding its distribution network and brand building, it said. “This investment will fuel our ambition to establish Euler Motors as a frontrunner to drive electrification of commercial mobility in India by scaling our manufacturing capacity, expanding distribution footprint and strengthening the team to deliver delightful experiences to our customers,” Euler Motors Founder & CEO Saurav Kumar noted. Established in 2018, the company plans to expand its retail presence in 12 new markets by the end of this fiscal.