PE Fund Investments
Euler Motors raises addl Rs 200-Cr led by Piramal Alternatives
Delhi-based electric three-wheeler maker Euler Motors has raised INR 200 crore (USD 24 million) as part of an extended funding round led by Piramal Alternatives (via India Access Fund). The firm’s existing investors, British International Investment (BII) and Blume Ventures, also participated in the round. Euler has so far raised INR 570 crore (USD 68 million) in the latest round of funding.Euler Motors will use the new funds to scale up to 40 cities by FY25, besides investing in product development and other research and development efforts.In FY23, Euler Motors posted a wider net loss of INR175 crore, compared with INR 36 crore the previous year. It also reported a 250% on-year jump in revenue from operations to INR 62 crore.
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