Euler Motors' total capital raised to date stands at around Rs 1,900 crore.
The EV startup has spent Rs 100 crore for the development of this model, which will have an initial production capacity of 1,000 units per month. It will introduce the two models in seven major cities, including Delhi, Chennai, Mumbai and Hyderabad and later take them to other cities where it operates.
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 said it has also onboarded Green Frontier Capital, India's first investment firm focused on growth companies as part of this fundraising round along with existing investors.
The order will fuel the company's plans to expand to new geographies within the domestic market, including Mumbai, Delhi, and Coimbatore.