Piramal Alternatives heads Euler Motors' Rs 2 bn fundraising

According to Kalpesh Kikani, the CEO of Piramal Alternatives, the company expressed enthusiasm for the broader electric vehicle (EV) category, particularly focusing on last-mile mobility in the commercial and logistics sector, and highlighted Euler Motor's strong technology and research and development capabilities.

In November, it was reported that Euler Motors had raised Rs 120 crore from British International Investment and Green Frontier Capital. At that time, the company's founder and CEO, Saurav Kumar, mentioned that the funding occurred at a lower valuation compared to the previous round, termed as a 'down round' in startup terminology. Euler Motors had previously raised $ 60 million in October 2022 at an estimated valuation of $ 200-250 million.

Saurav Kumar expressed the company's ambition to establish Euler Motors as India's top electric commercial vehicle brand through their robust products and high-quality services. He stated that the fresh capital infusion, along with the confidence of their investors, would drive them towards achieving a double-digit market share.

The funds raised will be utilized by Euler Motors to expand its presence to 40 cities by FY25, in addition to investments in product development and research and development initiatives. In FY24, the company claimed to have sold 3,700 vehicles and expanded its reach from 5 to 22 cities. Most of Euler Motors' showrooms are owned and operated by the company itself, with some operating under a dealership model.

In FY23, Euler Motors reported a higher net loss of Rs 175 crore compared to Rs 36 crore in the previous year. However, it also noted a significant 250% year-on-year increase in revenue from operations, amounting to Rs 620 million.