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GIC backs Indian EV startup Euler Motors in $60 million funding

ItemDate=2022-11-15 03:07:20 Status=publish


#Discussion(Startup) [ via IoTGroup ]

Euler Motors an Indian startup that designs and builds commercial electric vehicles has raised $60 million in a new funding round as it works to ramp up its production capacity and broaden its offerings.Long before the Olas of the world ventured into building an electric bike which occasionally catches fire Euler Motors tested hundreds of prototypes and clocked millions of miles to see if they can weather the conditions of India’s roads and extreme temperature range.

After getting the exit Kumar spent some time thinking about the environment and the growing pollution in the country — and how for India to achieve its high targets of cutting emissions New Delhi would need to do something about all the two- and three-wheeler gasoline guzzling vehicles on the road.“When we started Euler it was clear that when people buy a three-wheeler they are not looking for a luxury product they are looking for a necessity product that feeds their family.” “On an electric vehicle it can only work if you have a great battery.Our competition isn’t an electric vehicle it’s most diesel and petrol-powered vehicles ” he said.

The world’s second most populous nation has undertaken an ambitious push to kickstart an electric vehicle movement in recent years.Indian automakers sold nearly 430 000 electric vehicles in the 12 months that ended in March this year up from 134 821 a year before.New Delhi as well as state governments are offering considerable subsidies to those looking to purchase an electric vehicle in part to cut carbon emissions in the nation.A $6 140 electric vehicle after state and federal waivers cost customers about $4 300.“This investment will fuel our ambition to establish Euler Motors as a frontrunner to drive electrification of commercial mobility in India by scaling our manufacturing capacity expanding distribution footprint and strengthening the team to deliver delightful experiences to our customers.” Also during this time frame Euler is hoping to ramp up its

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