Commercial electric vehicle manufacturer Euler Motors has successfully raised Rs 200 crore ($24 million) in its Series C funding round. This investment was spearheaded by a new investor, Piramal Alternatives India Access Fund. Existing backers British International Investment and Blume Ventures also participated in this funding tranche.

Euler Motors plans to utilize the fresh capital to expand its presence across India and enhance its servicing infrastructure in 40 cities by March 2025. The Delhi-based company announced in a press release that this latest infusion brings the total raised in its Series C round to Rs 570 crore ($68.6 million).

Previously, Euler Motors had secured Rs 120 crore (approximately $14.5 million) in an extended Series C round co-led by British International Investment and Blume Ventures in November of last year. To date, the company has raised a total of Rs 770 crore ($92 million). According to startup data intelligence platform TheKredible, Euler Motors was valued at around $160 million during its extended Series C round in November 2023.

Euler Motors has made significant strides in the commercial electric vehicle sector. Its vehicles have collectively transported goods over 45 million kilometres. The company’s flagship model, the HiLoad EV, is touted as the most powerful electric cargo three-wheeler available, boasting a range of 170 kilometres.

In the fiscal year 2024, Euler Motors sold 3,700 vehicles and expanded its operational footprint from 5 to 22 cities. However, like many startups, Euler Motors has also faced challenges, including laying off 10% of its workforce to reduce costs amid a tight funding environment.

Euler Motors operates in a competitive market, contending with other electric three-wheeler manufacturers such as Altigreen, and legacy players including Mahindra Electric, Piaggio, Kinetic Green, and Tata.

With the new funds, Euler Motors is poised to accelerate its growth and strengthen its market position in the burgeoning electric vehicle industry in India.