VC Fund Investments
3-wheeler EV maker Euler Motors raises $10-M from QRG Holdings, ADB Ventures, others
New Delhi-based electric vehicle (EV) manufacturing startup Euler Motors has raised USD 10 million as a part of a USD 60 million Series B round led by its existing investor QRG Holdings. The round also saw participation from ADB Ventures, Inventus India and Blume Ventures. The company plans to use the funds to set up a factory to ramp up its three-wheeler production. It is targeting to produce 4,100 three-wheeler vehicles within the next year. Founded in 2018 by Saurav Kumar, Euler manufactures commercial three-wheeler electric vehicles. It claims to have deployed more than 250 three-wheeler EVs with BigBasket, EcomExpress and Udaan.
From the Venture Intelligence PE-VC Deal Database: Between Jan-19 and Mar-21, Euler Motors had raised more than INR 82 crores from Inventus India, Jetty Ventures, ADB, Blume Ventures and Emergent Ventures (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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