Euler Motors, which makes electric three-wheeler commercial vehicles, on Monday said it has raised Rs 120 crore in a funding round that included new investors such as the UK government-backed British International Investment and Indian venture firm Green Frontier Capital.
The firm did not disclose the valuation at which the funding happened, but its founder and chief executive Saurav Kumar told ET that it was at a lower valuation than the previous fundraise—a ‘down round’ in startup parlance.
