Electric vehicle (EV) company Euler Motors has closed its Series C funding round, securing ₹2 billion (~$23.9 million) and taking the total funding raised so far to ₹5.7 million (~$68,358).

The round was led by internal investors such as British International Investment, Blume Venture, and new investor Piramal Alternatives India Access Fund.

In the fiscal year 2024, Euler Motors sold 3,700 vehicles and expanded its operations from 5 to 22 cities.

The newly acquired funds will be used to expand its nationwide presence and service infrastructure. By 2025, the company plans to operate in over 40 cities.

The funding will also support the company’s strategic initiatives, including product development, introducing new variants, enhancing technological capabilities, and accelerating research and development efforts.

Saurav Kumar, Founder and CEO of Euler Motors, said, “We welcome the support of both existing and new investors. Our aim is to establish Euler Motors as India’s No. 1 electric commercial vehicle brand with our powerful products and best-in-class services. Over the past three years, we’ve demonstrated impressive growth, gained the confidence of customers, and created a heightened demand for our products.”

Kalpesh Kikani, CEO at Piramal Alternatives, said, “We are pleased to participate alongside other marquee investors in furthering Euler Motors’ leadership position within its target market segment. We remain enthused both by the wider EV category itself as well as our chosen sub-segment in terms of last-mile mobility within the commercial / logistics category and Euler Motors’ relative positioning on the back of its strong technology and R&D capability.”

He said the Euler funding is the first direct co-investment from the recently launched Piramal Alternatives India Access Fund.

To date, Euler Motors has raised a total of ₹7.7 billion (~$92.3 million).

Last November, the company 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 fund the company’s plans to enter the EV market across 40 cities by the end of this financial year.

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.