Euler Motors has raised OC 638 crore in its series D funding round, with the world’s largest two-wheeler manufacturer led by Hero MotoCorp. The current investor British International International Investment (BII), UK Development Finance Institution also participated in the round.
Fresh capital will be used to use Euler’s sale and expand the service network and accelerate the development of new products, which will strengthen the company’s push towards mass commercial EV adoption in India.
This funding comes when the Euler Motors continues to grow rapidly, strengthening its position as a leader in the commercial electric vehicle location. The company has seen strong traction in ecommerce, retail and logistics sectors operated by its strong EV lineup, including Hillod EV-India’s most powerful electric three-wheeler and newly launched Stormways, the country’s first ADAS-equipped light commercial four-wheelers.
“We are excited to welcome Hero MotoCorp as a strategic investor in Euller Motors. It is a strong vote of India’s commercial electric mobility in the future and both the execution and products of Yular Motors. A strong vote of confidence in both the products. With new and existing investors with this fresh capital and strategic support, we are ready to increase our scale.” Founder and CEO, Eular Motors.
Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp said, “Strategic investments in Euler confirms our commitment to quick growth through both organic and inorganic expansion, while one exposes the power of cooperation and adaptation in the market that ever develops. Mobility landscape, this investment allows the hero motorporp to rapidly grow rapidly electro-waters and four-walow markets. While unlocination of adjacent business opportunities and continues its leadership in the future of sustainable mobility. “
“We are happy to deepen our partnership with Yular Motors, Managing Director of British International Investment and Head of Technology and Head of Technology and Head of Technology, because it enhances its operation and brings the EVS of the next generation to bear our initial investment in 2023. The next generation is able to run the skillable effects in both economic growth and environmental progress.”
Some of the leading investors of Yular Motors include Bloom Ventures, Ethera Partners, Asian Development Bank Ventures and Piramal Alternatives India Access Fund. With this round, Yular Motors has raised around Rs 1420 crore till date.
. The funds will support the expansion of Euler’s sales and service network and drive new product development to boost commercial EV adoption in India.){kind=link}