PE Fund Investments
3-wheeler EV startup Euler Motors raises $60-M led by GIC
Delhi-based light commercial electric vehicle (EV) focused startup Euler Motors has raised USD 60 million in a Series C funding round led by the Singapore government's sovereign wealth fund GIC. The round also saw participation from existing investors Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings (Havells Family Office), ADB Ventures and B2B Unicorn startup Moglix. Euler - led by its Founder and CEO Saurav Kumar - will use the new capital to scale up its manufacturing and supply chain infrastructure, accelerate product development, and augment talent across key functions in the startup. It will also invest in expanding its distribution network and for brand building. It plans to expand its retail presence in 12 new markets by the end of this fiscal year.
From the Venture Intelligence PE-VC Deal Database: Between Jan-19 and Apr-22, Euler had raised about USD 22 M from Blume Ventures, ADB, Alteria Capital, Athera Venture Partners, Havells Family Office, Jetty Ventures and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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