Piramal Alternatives heads Euler Motors' Rs 2 bn fundraising
ECONOMY & POLICY

Piramal Alternatives heads Euler Motors' Rs 2 bn fundraising

Euler Motors, a manufacturer of electric three-wheelers, announced that it had secured Rs 2 billion in funding as part of a continued funding round led by Piramal Alternatives India Access Fund. The round also saw participation from the company's existing investors, British International Investment and Blume Ventures.

According to Kalpesh Kikani, the CEO of Piramal Alternatives, the company expressed enthusiasm for the broader electric vehicle (EV) category, particularly focusing on last-mile mobility in the commercial and logistics sector, and highlighted Euler Motor's strong technology and research and development capabilities.

In November, it was reported that Euler Motors had raised Rs 120 crore from British International Investment and Green Frontier Capital. At that time, the company's founder and CEO, Saurav Kumar, mentioned that the funding occurred at a lower valuation compared to the previous round, termed as a 'down round' in startup terminology. Euler Motors had previously raised $ 60 million in October 2022 at an estimated valuation of $ 200-250 million.

Saurav Kumar expressed the company's ambition to establish Euler Motors as India's top electric commercial vehicle brand through their robust products and high-quality services. He stated that the fresh capital infusion, along with the confidence of their investors, would drive them towards achieving a double-digit market share.

The funds raised will be utilized by Euler Motors to expand its presence to 40 cities by FY25, in addition to investments in product development and research and development initiatives. In FY24, the company claimed to have sold 3,700 vehicles and expanded its reach from 5 to 22 cities. Most of Euler Motors' showrooms are owned and operated by the company itself, with some operating under a dealership model.

In FY23, Euler Motors reported a higher net loss of Rs 175 crore compared to Rs 36 crore in the previous year. However, it also noted a significant 250% year-on-year increase in revenue from operations, amounting to Rs 620 million.

Euler Motors, a manufacturer of electric three-wheelers, announced that it had secured Rs 2 billion in funding as part of a continued funding round led by Piramal Alternatives India Access Fund. The round also saw participation from the company's existing investors, British International Investment and Blume Ventures. According to Kalpesh Kikani, the CEO of Piramal Alternatives, the company expressed enthusiasm for the broader electric vehicle (EV) category, particularly focusing on last-mile mobility in the commercial and logistics sector, and highlighted Euler Motor's strong technology and research and development capabilities. In November, it was reported that Euler Motors had raised Rs 120 crore from British International Investment and Green Frontier Capital. At that time, the company's founder and CEO, Saurav Kumar, mentioned that the funding occurred at a lower valuation compared to the previous round, termed as a 'down round' in startup terminology. Euler Motors had previously raised $ 60 million in October 2022 at an estimated valuation of $ 200-250 million. Saurav Kumar expressed the company's ambition to establish Euler Motors as India's top electric commercial vehicle brand through their robust products and high-quality services. He stated that the fresh capital infusion, along with the confidence of their investors, would drive them towards achieving a double-digit market share. The funds raised will be utilized by Euler Motors to expand its presence to 40 cities by FY25, in addition to investments in product development and research and development initiatives. In FY24, the company claimed to have sold 3,700 vehicles and expanded its reach from 5 to 22 cities. Most of Euler Motors' showrooms are owned and operated by the company itself, with some operating under a dealership model. In FY23, Euler Motors reported a higher net loss of Rs 175 crore compared to Rs 36 crore in the previous year. However, it also noted a significant 250% year-on-year increase in revenue from operations, amounting to Rs 620 million.

Next Story
Infrastructure Urban

Consistent reforms will foster growth and reduce investor risk

Incorporated in 1986 as a wholly owned subsidiary of State Bank of India, SBI Capital Markets Ltd (SBICAPS) is a SEBI-registered Category I merchant banker and research analyst. It offers the entire bouquet of investment banking and corporate advisory services under one umbrella, covering project advisory and structured financing, capital markets, mergers and acquisitions, private equity, ESG advisory, startup advisory and stressed assets resolution. Headquartered in Mumbai, SBICAPS has seven regional offices of which six are in India (Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata and New ..

Next Story
Infrastructure Urban

Adani Group Invests $240M in Global Skills Academy

The Adani Group has announced a partnership with ITE Education Services (ITEES) of Singapore to establish a world-class talent pipeline for industries such as Green Energy, Manufacturing, Hi-tech, Project Excellence, and Industrial Design. The initiative will see an investment of over $240 million by the Adani family to set up internationally benchmarked schools of excellence, named Adani Global Skills Academy. These finishing schools will train students from technical and vocational backgrounds, equipping them with industry-relevant certifications. Graduates will have employment opportunities..

Next Story
Infrastructure Urban

Swiggy to Invest $120M in Scootsy for Expansion

Food and grocery delivery giant Swiggy Ltd announced on Friday that it will invest up to $120 million in its wholly owned subsidiary Scootsy Logistics in one or more tranches. Scootsy specializes in supply chain services and distribution, including warehouse management, in-warehouse processing with value-added services, and order fulfillment for wholesalers and retailers. "We wish to inform that the Board of Directors of the company, at its meeting held on Friday, February 21, 2025, has approved the investment by the company in the equity shares of Scootsy Logistics Private Limited, a wholly..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?