The electric vehicle start-up Euler motors is done with its funding of series a round. It has managed to get some additional funds too which is not at a small amount. A $ 2.6 million additional investment was received by the company by ADB Ventures. Let’s dive in to the details.
Euler Motors is a start-up incepted in 2018 by Saurav Kumar. The timeline of the company has a short span but has gained immense importance as it deals in the segment of electric vehicles. They had a mission to provide great logistics solutions and sustainable alternatives to the customers across the globe. They provide a complete package of vehicle with training and software stack plus charging station.
It started its manufacturing in 2018 and is now ready to offer L5 vehicle to its customers. They also help businesses to opt electric vehicle instead of the normal transportation and have plans like Euler Lease for them. They have facilities like:
- Minimal monthly plan
- End to End service including staff, vehicles, charging infrastructure and service infrastructure
- Convenience to switch vehicles at agreed price
The facility has been availed by various companies in sectors like pharma, FMCG, Utilities and E commerce.
The investors consist of ventures like Jetty, Blume Ventures, Emergent Ventures and Inventus Capital.
The company on Wednesday made an announcement that the series A funding has been closed with an amount of $ 9.5 million. The other prominent fact is that they were also able to raise additional funds of $2.6 million from a new investor which is ADB Ventures. There are chances that the funding would be followed by another infusion of $ 4 million by the exiting investors.
The amount will be used to launch the 3 wheeler cargo segment and expand accordingly in the metropolitan cities like Bangalore, Kolkata, Ahemdabad & Pune apart from the capital of the country.
The company would be able to raise $ 11.6 million since the time it started.
WHY ADB INVESTMENT IS A GOOD NEWS?
ADB ventures looks for good technology ventures that can be of great importance to solve the great challenges for the entire Asia region. Therefore; their investment in Euler gains a lot more credibility. Being it the first investment in the start up the stakes surely are high but the returns will undoubtedly be huge.
The senior fund manager; Daniel Hersson had a clear cut stand on the investment underlining the fact that the company is in a good position in the market and it has portrayed a great example of having the right tech & business model at the right place & time.
We have a big goal to achieve in the coming five years .India is on the tracks of having a sustainable electric future.
Start ups like Euler are the lucrative positions to focus upon.
The future is only for electric modes of mobility and to gain a major market share; their expansion is of utmost importance.
These infusions are not just the end but a start to the process that will help various other investors to show trust in the venture.