NEW DELHI (Commonwealth Union)_In a fresh round of investment, Indian company Euler Motors, which develops and manufactures commercial electric cars, has secured $60 million to expand its product line and ramp up manufacturing.
Series C investment for the firm with its headquarters in New Delhi was led by the sovereign fund of Singapore, GIC. Participating in the fundraising, which valued Euler Motors at $200 million, were Blume Ventures, Athera Venture Partners, QRG, ADB Ventures, and Moglix. Euler Motors evaluated hundreds of prototypes and logged millions of miles to determine whether they can withstand the rough roads and severe temperature range of India long before the Olas of the world began developing electric bikes, which occasionally catch fire.
The second-most populated country in the world has just launched an ambitious campaign to spark the electric vehicle revolution. And two- and three-wheelers make up a large portion of this movement. In the 12 months that concluded in March of this year, Indian automakers sold roughly 430,000 electric cars, an increase from 134,821 in the previous year. Government statistics show that two- and three-wheeled vehicles made up the majority of these.
In order to reduce the country’s carbon emissions, New Delhi and the state governments are providing sizeable discounts to people wishing to buy an electric vehicle. After state and federal subsidies, consumers paid around $4,300 for a $6,140 electric car. The HiLoad EV retails for roughly $4,900 before state assistance. According to Euler Motors, it is the only competitor to provide clients with four alternative ways of charging at a station with more than 500 points. The firm, which is mostly operating in the capital region right now, intends to reach 12 more countries by the conclusion of the current fiscal year.
