Euler Motors, an automotive technology startup, has now secured INR 20 crore as a part of its ongoing Series A funding round, backed by the Inventus Capital.
The other investors in the fresh funding round include the Jetty Ventures India Investments, Blume Ventures, and Udaan Co-founder Sujeet Kumar.
“Blume Ventures has been associated with Euler Motors since the early days. Our initial investment was on the promise of building world-class electric vehicles for Indian conditions. We believe their innovative business model brings down the total cost of ownership (TCO) and makes EVs accessible to many in Indian market,” said Arpit Agarwal, Principal at Blume Ventures.
Previously, as a part of its Pre-Series A round, the company had secured INR 15 crore from Blume Ventures.
“The series A funds will be primarily used for hiring talents, research and development (R&D), and launching our vehicles across key Indian cities with a focus on localisation of the supply chain,” Euler Motors Founder and CEO Saurav Kumar said.
