Electric vehicle (EV) company Euler Motors has raised ₹1.2 billion (~$14.41 million) in an ongoing series-C extension round, taking the tally of total investments to about ₹6.9 billion (~$82.87 million). The raised capital will be used to fund the company’s plans to enter the EV market across 40 cities by the end of this financial year.

The fund will aid the company’s quest to facilitate the adoption of EVs in the country by enabling its service and charging network nationwide.

Euler said it will use the funds to scale up production, presence, and services while also vying for a space in the global market.

The round saw the onboarding of two new investors- the British International Investment (BII), the UK Government’s development finance institution and impact investor, and Green Frontier Capital, an investment firm focused on growth companies delivering breakthrough innovation in green industries.

“The interest and commitment from our new investors, along with continued support from our internal investors, reaffirms our belief that we are on the right path to becoming the number one commercial vehicle company in India. Their partnership comes at an important time in the world economy and will fuel our journey towards achieving our vision of leading the electric vehicle transformation in India,” said Saurav Kumar, the CEO of Euler Motors.

The New Delhi-based company, founded five years ago, is focused on commercial EVs and is currently developing and deploying innovative solutions to democratize a swift EV transition in India.

In 2021, Euler Motors raised $2.6 million in series A funding from the investing arm of the Asian Development Bank, which was used to launch its then-upcoming electric three-wheeler cargo vehicle that year.

EV sales reached 371,214 units in the third quarter of 2023, a year-over-year increase of 40% compared to 264,781 units sold in the same period last year. EVs accounted for 7.3% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard.