Euler Motors is a commercial electric vehicle manufacturer startup that has secured $24 million in its  series-C round led by Piramal Alternatives India Access Fund. This funding round also had participation  from both its new and existing investors including Blume Ventures and British International  Investment.  

The startup disclosed in the press release that it will use these fresh proceeds to raise servicing  infrastructure in 40 cities by 2025 and to strengthen its Pan-India presence. This Delhi-based startup  also claims to have secured $68.6 million in its series C round. According to a report by ET this startup  had preliminarily raised nearly $14.5 million in an extended Series C round co-led by Blume Ventures  and British International Investment. The startup has raised a total of $92 million to date. TheKredible,  a startup data intelligence platform valued Euler Motors at $160 million during the previous series C  round. 

Image source: Eulermotors.com 

Euler Motors claims to have sold over 3,700 vehicles and has transported items in the range of 45  million km. The startup has expanded its hubs to more than 22 cities across the country. Euler  previously reported to have laid off 10% of its employees to save money. The startup competes with  known names in the Electric Vehicle industry including Mahindra Electronics, Kinetic Green, Tata, and  Piaggio, among others. 

Euler registers revenue of Rs 61.53 crore from its operations in FY23. The company also faced five times more loss in FY23, it went to Rs 174.73 crore from Rs 36.33 crore in FY22. The startup will use the  amount raised from its series C to make its platform stronger and reach more people around the world. The electric vehicle sector is growing gradually across the Country as consumers are becoming more  interested in this sector. 

Conclusion: 

Euler Motors is an electric vehicle manufacturing startup that has raised a $24 million fund in a pre series C round from Piramal Alternatives India Access Fund. This Delhi-based startup also claims to  have secured $68.6 million in its series C round. According to a report by ET this startup had previously  raised almost $14.5 million in an extended Series C round co-led by Blume Ventures and British  International Investment. Euler Motors claims to have sold over 3,700 vehicles and has transported items in the range of 45 million km. The startup has expanded its hubs to more than 22 cities across  the country. The startup will use the amount raised from its series C to make its platform stronger and  reach more people around the world. Euler registers revenue of Rs 61.53 crore from its operations in  FY23. The company also faced five times more loss in FY23, it went to Rs 174.73 crore from Rs 36.33  crore in FY22. The startup is planning to use the fund to scale up the operationsto meet working capital  requirements and aim for market expansion. The startup has expanded its hubs to more than 22 cities  across the country.