EV maker Euler Motors raises $10 million
Euler Motors, an electric vehicle (EV) company, on Monday, announced its latest round of funding in which it raised $10 million led by Delhi-based QRG Investments and Holdings. Existing investors Inventus Capital India, Blume Ventures, ADB Ventures, Jetty Ventures and Kailash Trust also participated in this round.
Euler Motors had launched HiLoad EV, an electric 3-wheeler commercial vehicle, in October this year. The vehicle has a load capacity of 688 kilograms.
The company plans to invest the funds raised to scale up and strengthen its production capacity to cater to its current order book of around 2500 units of HiLoad EVs ordered by various e-commerce platforms like BigBasket, Flipkart and Udaan.
