New Delhi, May 29,2024:  Electric Vehicle (EV) manufacturer Euler Motors on Wednesday said that it raised an additional Rs 200 crore to close its Series C funding round, bringing the total funding raised in this round to Rs 570 crore.

The company said that it will use the fresh capital to scale its pan-India presence and servicing infrastructure and establish a presence in over 40 cities by FY25.

It will also use the funding for product development, and augmenting technological and R&D capabilities.

“This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share,” Saurav Kumar, Founder and CEO, Euler Motors, said in a statement.

Existing investors including British International Investment, the UK’s development finance institution and impact investor, Blume Ventures and new investor Piramal Alternatives India Access Fund participated in this round.

“We remain enthused both by the wider EV category itself as well as our chosen sub-segment in terms of last-mile mobility within the commercial/logistics category and Euler Motors’ relative positioning on the back of its strong technology and R&D capability,” said Kalpesh Kikani, CEO at Piramal Alternatives.

In FY24, the company had 3,700 HiLoad EVs on the road across 22 cities.

Euler Motors has raised a total of Rs 770 crore in funding since its inception in 2018.