Euler Motors, an Indian startup that designs and builds business electrical autos, has raised $60 million in a brand new funding spherical as it really works to ramp up its manufacturing capability and broaden its choices.
Singapore’s sovereign fund GIC led the New Delhi-headquartered startup’s Sequence C funding. Blume Ventures, Athera Enterprise Companions, QRG, ADB Ventures and Moglix additionally participated within the funding, which values Euler Motors at $200 million.
Lengthy earlier than the Olas of the world ventured into constructing an electrical bike, which sometimes catches fireplace, Euler Motors examined a whole lot of prototypes and clocked tens of millions of miles to see if they will climate the situations of India’s roads and excessive temperature vary.
The result’s an electrical cargo three-wheeler known as HiLoad EV that options a number of {industry} record-breaking options together with a payload capability of 688 kg (1,516 kilos). It’s powered by a 12.4 KWh liquid-cooled battery pack that takes as much as 4 hours to cost, however helps fast-charging to ship 50 kilometers for simply quarter-hour of labor.
The startup, which at present produces about 100 autos a day, has a back-order of 9,000 autos that it’s at present sifting via.
Previous to beginning Euler, Saurav Kumar based IoT startup Cube26, which was finally acquired by monetary companies large Paytm. After getting the exit, Kumar spent a while enthusiastic about the atmosphere and the rising air pollution within the nation — and the way for India to realize its excessive targets of slicing emissions, New Delhi would wish to do one thing about all of the two- and three-wheeler gasoline guzzling autos on the street.
“It takes about 10 years to make a dent into something in India,” he mentioned in an interview. “Once we began Euler, it was clear that when folks purchase a three-wheeler, they don’t seem to be on the lookout for a luxurious product, they’re on the lookout for a necessity product that feeds their household.”
“On an electrical car, it could possibly solely work you probably have an amazing battery. We spent three years researching our battery earlier than beginning to use it. Our competitors isn’t an electrical car, it’s most diesel and petrol-powered autos,” he mentioned.
Euler Motors founder and chief government Saurav Kumar with the startup’s three-wheeler car HiLoad. Picture Credit: Euler Motors
The world’s second most populous nation has undertaken an formidable push to kickstart an electrical car motion in recent times. And far of this motion is driving on two and three-wheelers.
Indian automakers bought practically 430,000 electrical autos within the 12 months that resulted in March this 12 months, up from 134,821 a 12 months earlier than. Most of those have been two- and three-wheeled autos, based on authorities knowledge.
New Delhi, in addition to state governments, are providing appreciable subsidies to these seeking to buy an electrical car partially to chop carbon emissions within the nation. A $6,140 electrical car, after state and federal waivers, price clients about $4,300. Earlier than state subsidy, HiLoad EV sells for round $4,900. Its gasoline rivals promote for round $3,700, underscoring an extra want of collaboration from governments, enterprise capitalists and early-adopters.
“Our imaginative and prescient is to not solely develop industry-leading merchandise but additionally the ecosystem to help the EV transition,” mentioned Kumar. “This funding will gasoline our ambition to ascertain Euler Motors as a frontrunner to drive electrification of business mobility in India by scaling our manufacturing capability, increasing distribution footprint and strengthening the workforce to ship pleasant experiences to our clients.”
Euler Motors says it has arrange a charging station of over 500 factors, and is the one participant to offer 4 sorts of completely different charging to clients. The startup, which is at present largely operational within the capital area, plans to develop to 12 areas throughout the nation by the tip of the monetary 12 months.
Additionally throughout this time-frame, Euler is hoping to ramp up its month-to-month manufacturing to 1,000, Kumar mentioned. It is usually taking a look at a number of different classes of autos, Kumar mentioned, however the focus stays on scaling the present mannequin for now, he mentioned.
Euler finally desires to develop exterior of India and produce its India-made autos to the world, he mentioned. The startup goals to be the “Tesla of business car,” it mentioned.
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