EV Mechanica

Subscribe to EV Mechanica's Current Newsletter & never miss an update!

    Close Menu
      Facebook X (Twitter) Instagram
      EVMechanicaEVMechanica
      EVMechanicaEVMechanica
      • Home
      • News
        • E-Mobility
        • EV Battery
      • Charging Stations
      • Policy
      • Research
      • Interview
      • Jobs
      • Events
      • E-Mag
      • Subscription
      Facebook YouTube LinkedIn WhatsApp
      EVMechanicaEVMechanica
      Home » New Delhi EV Start-up Receives $10 Mn in Funding

      New Delhi EV Start-up Receives $10 Mn in Funding

      Aishwarya SaxenaBy Aishwarya SaxenaOctober 4, 2022 E-Mobility 2 Mins Read
      Share
      Facebook Twitter LinkedIn WhatsApp

      Electric vehicle manufacturer Euler Motors has received additional capital of USD 10 million (around Rs 74 crore) from a clutch of investors, led by QRG Investments and Holdings.

      Euler MotorsThis marks the first investment by QRG Investments and Holdings in an EV brand in India, the company said in a release.

      The platform also said it plans to raise USD 50 million in Series B funding round next year.

      Existing investors Inventus Capital India, Blume Ventures, ADB Ventures, Jetty Ventures and Kailash Trust also participated in the latest round of capital infusion, it said, adding Euler Motors has now raised a total USD 21.6 million since its inception in 2018.

      The New Delhi-based startup launched its first e-three-wheeler cargo HiLoad late last month.

      The company plans to utilize these funds to scale up and strengthen its production capacity to deliver the strong order line-up for HiLoad and also prepare to cater to the strong demand from the retail segment.

      The funds will also be utilized for expanding presence in North and South India markets in the next 2-3 quarters, Euler Motor said.

      The company said it received orders for 2,500 vehicles within 10 days of its launch and this number is expected to touch 4,500 units in the next one year.

      The funding will allow us to further the development and expansion of our operations, and continue building our organization in all functions with the talent necessary to support our mission, ” said Saurav Kumar, Founder-CEO, Euler Motors.

      We are at a juncture where both Euler Motors and the EV industry are burgeoning with opportunity, and we want to create a market with our powerful products and ecosystem solutions to make EVs mainstream, he said.

      The startup has made significant strides in building and validating its first electric commercial vehicle as well as broadening the charging and servicing ecosystem, Kumar added.

      “We are proud to invest in Euler Motors, pioneering path-breaking innovations in EV technology for India, from India. Their customer focus around the electric commercial vehicle and the supporting charging and servicing ecosystem has the potential to transform the face of intra-city logistics, said Anil Rai Gupta, Chairman, QRG Investments and Holdings.

      Euler Motors already manages a network of over 200 charging stations in Delhi-NCR to support EVs on ground and has now introduced multiple charging systems, according to the release.

      ADB Ventures Blume Ventures e-three-wheeler Euler Motors HiLoad Inventus Capital India Jetty Ventures news production capacity QRG Investments and Holdings
      Share. Facebook Twitter LinkedIn WhatsApp
      Aishwarya Saxena

      More article from Aishwarya Saxena

      Keep Reading

      EV & Auto Stocks Mixed on July 1: HBL Engineering, Olectra Greentech Lead Gainers Amid Volatile Session

      India EV 2025 Day 2: Funding, Innovation Propel

      EVeium boosts affordability of premium EVs via localisation

      Leave A Reply Cancel Reply

      five × four =

      E-MOBILITY

      India EV 2025 Day 2: Funding, Innovation Propel

      July 1, 2025

      EVeium boosts affordability of premium EVs via localisation

      July 1, 2025

      Odysse Electric sells 344 units, sees 54% growth

      July 1, 2025

      EKA Mobility appoints Sanjay Kumar Bohra CCO

      July 1, 2025

      Articles

      Is Silver the New Strategic Metal for the EV and Clean Energy Revolution?

      The transition to sustainable energy systems and electric vehicles (EVs) is not a pipe dream;…

      EV Incentive Phase-Out: What Happens After FAME-II Ends in India?

      As India made progress creating new clean transport, there is a significant change with the…

      The Subsidy Paradox: Can India Sustain EV Incentives Without Breaking the Bank?

      As India accelerates its electric vehicle (EV) revolution, subsidies have played a pivotal role in…

      © 2025 EVMechanica.com.
      • Home
      • About Us
      • Contact Us
      • Subscription

      Type above and press Enter to search. Press Esc to cancel.