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EV maker Euler Motors raises Rs.120-Cr from BII, Blume Ventures, others

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Delhi-based three-wheeled electric vehicle manufacturer Euler Motors has raised INR 120 crore (about USD 14.5 million) in an extended Series C round co-led by British International Investment (BII) and Blume Ventures. New investor Green Frontier Capital and other existing investors Athera Venture Partners, ADB Ventures, Alteria Capital, GIC Singapore, and QRG Holdings also participated in the round. Founded by Saurav Kumar in 2018, Euler Motors has collected INR 690 crore in equity capital till date, including USD 60 million in a funding round led by GIC Singapore a year ago. The proceeds of the current funding round will be used to accelerate the company's expansion to 40 cities by the end of FY24.