EV startup Euler Motors raised an additional $2.6 mn in Series A round

Euler Motors, an OEM focused on electric commercial vehicles, has raised $9.5 mn Series A funding round, with additional investments of $2.6 mn raised from new investor ADB Ventures. The recent influx will be put to use for launching its three-wheeler cargo vehicle this year, and support market expansion in India to cities like Bengaluru, Kolkata, Ahmedabad, and Pune – in addition to Delhi-NCR.

Euler Motors has a full-stack ecosystem approach towards making commercial EV mainstream. The company has established a network of 100+ charging infrastructure in Delhi-NCR that can charge 200-plus electric vehicles at any given point, and boasts over 250 vehicles deployed across ecommerce and 3PL companies to fulfil last-mile intra-city delivery requirements.

“ADB Ventures’ investment in Euler Motors signals a growing market readiness for EV in India. We are delighted and proud that ADB Ventures have chosen Euler Motors as their first investment in an EV company. We believe it is a testimony to our execution so far against our defined vision, and the quality of our innovation,” said Saurav Kumar, Founder and CEO, Euler Motors.

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