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EV maker Euler Motors raises $5-M from B2B industrial goods portal Moglix

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Noida-based 3-wheelers focused EV manufacturing startup Euler Motors has raised around USD 5 million from unicorn B2B industrial goods marketplace Moglix. Euler Motors has issued 26,381 Series B3 CCPS with a face value of INR 100 per share and a premium of INR 14,086 per share amounting to INR 37.42 crore to Mogli Labs Pvt Ltd. The company is reported to have raised this tranche at a post-money valuation of INR 530 crore or USD 70 million.

From the Venture Intelligence PE-VC Deal Database: Starting in Jan-19, Euler had raised over USD 20 M from Blume Ventures, ADB, Inventus India, Jetty Ventures, Emergent Ventures and Others. In Nov-21, Euler Motors raised USD 10 M as a part of its ongoing USD 60 M Series B round led by its existing investor QRG Holdings with participation from ADB Ventures, Inventus India and Blume Ventures. Founded in 2018, Euler manufactures commercial three-wheeler electric vehicles and counts other e-commerce companies BigBasket, EcomExpress and Udaan among its clients. From the Venture Intelligence Private Company Financials Database: For FY21, Euler had reported an operating revenue of INR 11.05 crore, up from INR 6.28 crore in FY20. (Subscribers to the database can login to view the detailed financials.)