Euler Motors raises additional Rs 200 crore in series C funding round

Euler Motors raises additional Rs 200 crore in series C funding round

Electric vehicle maker Euler Motors on Wednesday said it has raised an additional Rs 200 crore in the series C funding round.

Existing investors like British International Investment, Blume Venture and new investor Piramal Alternatives India Access Fund led this round's fresh infusion of funds, the company said in a statement.

The company has raised Rs 570 crore in total from investors in series C funding round, it added.

"This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share. With this momentum, we're ready to accelerate our growth trajectory and lead the transition to commercial EVs in India," Euler Motors Founder & CEO Saurav Kumar said.

Euler Motors said it will utilise the fresh infusion of capital to further scale its pan-India presence and servicing infrastructure and establish a presence in over 40 cities by FY25.

Till now, Euler Motors said it has till date raised an amount of Rs 770 crore.