Tag: Euler Motors

Euler Motors raises ₹120 crore in Series-C extension round

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Euler Motors, an electric vehicle company, has raised ₹120 crore in its ongoing Series-C extension round. This funding round brings two new investors on board – British International Investment (BII), the UK Government’s development finance institution and impact investor, and Green Frontier Capital, an investment firm focused on growth companies delivering breakthrough innovation in green industries. BII is co-investing with Blume Ventures in support of electric mobility and the green energy transition in India.

Existing investors, including Athera Venture Partners, ADB Ventures, Blume Ventures, Alteria Capital, GIC Singapore, and QRG Holdings, also participated. The extension round brings the total investments to approximately ₹690 crore.

The fresh funds raised will be strategically deployed to drive Euler Motors’ pan-India expansion initiatives as it plans to enter 40 cities by the end of FY 2023-24. The additional funds will also enable the company to reinforce its service and charging network nationwide, further facilitating the adoption of electric vehicles across the country.

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Saurav Kumar, Founder & CEO of Euler Motors, said, “The interest and commitment from our new investors, British International Investment & Green Frontier Capital along with continued support from our internal investors reaffirms our belief that we are on the right path to becoming the number one commercial vehicle company in India. Their partnership comes at an important time in the world economy and will fuel our journey towards achieving our vision of leading the electric vehicle transformation in India.”

Manav Bansal, MD and Head of India, British International Investment, said, “Climate finance is a key part of our Indian investment strategy. In total BII expects to invest $1 billion on climate finance in India between 2022 and 2026. We are delighted to work with Euler Motors on accelerating EV development in India, particularly in the commercial cargo transportation segment. This segment is important, both for job creations and emission reduction, which is in line with our strategic objectives to promote productive, sustainable and inclusive economic growth.”

Sandiip Bhammer, Managing Partner, Green Frontier Capital, said, “At Green Frontier Capital, we’re deeply committed to fostering a robust climate-tech ecosystem in India by investing in trailblazing companies which offer sustainable solutions with worldwide implications. Our investment in Euler Motors, facilitated by our collaboration with Saurav and his dynamic leadership team, signifies our profound faith in the transformative promise of sustainable technologies targeted from within the mobility sector. We envision Euler Motors’ position as a pre-eminent one in the Electric Commercial Vehicle OEM domain. Venturing into an industry primed for groundbreaking growth, we’re confident in the company’s superior product quality and its strategic market placement. As India (and the rest of the world) strides towards a more sustainable future, we anticipate Euler Motors will shine prominently among our portfolio of innovative leaders, all resonating with our collective aspirations and values.”

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Over the next year, the company also plans to raise funds as needed to execute its plan to scale up production, presence, and services, while setting its sights on the global market.

Since its inception in 2018, Euler Motors has been enabling sustainable mobility, with its commercial electric vehicles having collectively transported goods over 45 million kilometres. Despite economic challenges, the company claims it has maintained its focus on sustainable growth, drawing the attention of global investors who acknowledge the immense potential of Euler Motors’ HiLoad vehicle. The new HiLoad EV is a powerful electric cargo three-wheeler, with the industry’s highest 13 (12.96) kWh battery pack, a 170 km ARAI certified range (Real RangeTM 100-120 km), and a 30% higher payload capacity (688 kg), with a proprietary liquid-cooled battery. Euler Motors continues to expand access to the EV ecosystem via charging infrastructure, service, and financing.

Also Read: Tata and Jaguar Land Rover partner for next-gen EV tech

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Euler Motors lines up Rs 200 crore capex to enhance production capacity

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Electric three-wheeler start-up Euler Motors on Thursday said it plans to invest Rs 200 crore in the next 12 months to ramp up its production capacity. The Delhi-based company plans to increase its production capacity to 3,000 vehicles units per month by mid-2022.

The company currently operates out of its integrated R&D (research and development) and corporate office in Delhi that has a production capability of 4,000 vehicles per annum. It now plans to reach 35,000 units per annum by the end of FY23.

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The enhanced production capacity will not only help to speed up delivery against this current order book but also to meet the projected demand from Delhi NCR, Bengaluru, Hyderabad, Chandigarh and Pune. “Our investments in capacity expansion are an effort towards fulfilling the growing demand and expanding our market footprint across the country,” Euler Motors founder and CEO Saurav Kumar said in a statement.

The company will invest Rs 200 crore in the next 12 months to develop advanced shop floors in order to drive up production capacity in its two existing facilities across Delhi-NCR. It will also set up an automated battery line for its patented liquid-cooled battery pack technology. Currently, Euler Motors sells HiLoad electric three-wheeler.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Startup Digest: Top stories of the day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Here’s a wrap of the top startup stories today (March 17).

Shunwei Capital exits Bombinate Technologies, parent company of Vokal and Koo

Chinese venture capital firm Shunwei Capital has exited Indian microblogging platform Koo. Former Indian cricketer Javagal Srinath, Bookmyshow founder Ashish Hemrajanai, Udaan co-founder Sujeet Kumar, Flipkart CEO Kalyan Krishnamurthy, and Zerodha founder Nikhil Kamath have bought out Shunwei’s stake, the company said. Shunwei Capital owned more than 9 percent in Bombinate Technologies, the company said in a statement. Koo’s investors include 3one4 Capital, Kalaari Capital, and Blume Ventures. In February, Aprameya Radhakrishna, the CEO and co-founder of Koo had told CNBC-TV18, that Shunwei Capital was on its way out.

OZiva raises $12 million in Series B Led By Eight Roads Ventures

Plant-based nutrition brand OZiva has raised $12 million in a series B round led by new investor Eight Roads Ventures, with participation from F-Prime Capital and existing investor Matrix Partners India. The brand has a portfolio of products across categories such as women’s health, skin, hair, men’s health, and general wellness, developed using natural, plant-based ingredients. It combines modern science and technology with the goodness of Ayurvedic herbs to enable holistic living, the company claims. The funds from this round will be used to build out the team, enter new product categories, build out its technology platform to provide more value-added services , and establish OZiva as a leading consumer health brand in India, the company said.

Euler Motors raises additional $2.6 million in its Series A round

Euler Motors has closed its series A funding round at $9.5 million with additional investments of $2.6 million raised from new investor ADB Ventures, the venture investing arm of Asian Development Bank and existing investor, Blume Ventures. This also marks the first investment by ADB Ventures in an EV company globally.

The new funds will be used for Euler Motors’ upcoming launch of its three-wheeler cargo vehicle this year, and support market expansion in India to cities like Bangalore, Kolkata, Ahmedabad & Pune, in addition to Delhi NCR. This round follows capital infusion of $4 million led by its existing investors – Inventus Capital and Jetty Ventures – announced earlier this month. With this, Euler Motors has raised a total of $11.6 million since inception in 2018. Investors include ADB Ventures, Blume Ventures, Inventus Capital, Jetty Ventures, US based Emergent Ventures, Andrew Lee, Sujeet Kumar, Cofounder, Udaan, and Srinivas Anumolu & K Ganesh from Growth Story.

Blive raises $1 million in a pre-series A round

EV experience platform BLive has raised $1 million as part of follow-on capital of Pre-Series A round. The funding which was a combination of debt & equity was led by LetsVenture, Mumbai Angels, JITO and Credit Wise Capital. The company had raised funds led by a strategic investment from DNA Networks in September 2019. The company is operates in 15 cities across 9 states, and claims to have successfully completed over 10,000 eBike tours.

MODIFI announces $60 million debt facility with SVB; To address increasing demand in India & fuel global expansion

Global fintech, MODIFI has announced a new $60 million debt facility with Silicon Valley Bank (SVB), bringing its total raised capital to $111 million. The facility from SVB’s German Branch will be used to address increasing demand in India and other existing markets, as well as fuel MODIFI’s continued growth in new geographies, particularly the US, the company said.

The venture claims, expansion into the US, paired with the existing coverage, will establish MODIFI as the only digital trade finance platform focused on SMEs that spans the three major trading regions of Europe, Asia and North America – a cluster which encompasses approximately 80 percent of global imports and exports respectively. MODIFI’s digital trade finance platform provides SMEs with buyer and seller financing in a matter of days. Founded in 2018, MODIFI is tackling a $20 trillion industry in which 50 percent of requests for Trade Finance by SMEs are rejected by banks, resulting in a funding gap of $1.5 trillion annually.

India saw VC investments of $10 billion in 2020, added 7000 startups & 12 unicorns: IVCA – Bain & Company Report

A pandemic notwithstanding, India clocked VC investments of about $10 billion in 2020, which is the highest in recent years after 2019, according to the India Venture Capital Report 2021 by IVCA and Bain & Company. The year saw continued momentum in consumer tech and SaaS space – VC investment value in consumer tech and SaaS grew by 25 percent and 10 percent, respectively, in 2020 vs. 2019. India focused funds raised $3 billion in the year, 40 percent higher than in 2019. Leading VC firms – Sequoia Capital, Elevation Partners, Falcon Edge, and Lightspeed closed new funds for India investments in 2020.

“In terms of key sectors receiving investments, consumer tech, SaaS, and fintech continued to lead the way, accounting for 75 percent of VC investments in 2020 vs. 65 percent in 2019. Fourteen of 22 VC deals were more than $100 million in size. Key subsectors receiving investments included edtech, foodtech, gaming, and media and entertainment in consumer tech; verticalised solutions within SaaS; and payments within fintech. SaaS in particular saw clear signs of maturity, with average deal size increasing dramatically in 2020 over 2019—$14 million in 2019, growing to $25 million in 2020”, the report said.

India is now among top five startup ecosystems globally, 7,000 new startups were founded in 2020, with a 13 percent growth in seed stage deals. The year also saw the largest ever increase in unicorns in a single year – 12 unicorns compared to eight in 2019. India is now home to 37 unicorns. Even though investors were bullish, average deal size in 2020 declined by 15 percent vs. 2019, driven by a higher number of smaller deals.

“Going forward, we expect deal momentum in India to continue into 2021, with the second half of 2020 seeing deal activity recover to pre-Covid19 levels—VC investments totalled $3 billion in January to March, declined to $1.1 billion in April to June, and then recovered to $3 billion each in the next two quarters. Further, the number of active VC funds continued to grow in 2020 – at 520 vs 480 in 2019, with multiple new funds investing such as Inflection Point, Avataar, Coatue, D1 Capital, amongst others,” the report said.

2020 saw a slowdown in VC exits – down 70 percent from $4.4 billion in 2019 to $1.3 billion in 2020 due to depressed valuations and disruption of operations of startups. It is expected to recover over the next 1–2 years as portfolios mature. Compared to 2019, investment value grew 6x in Edtech, 4x in Foodtech, 2.7x in Gaming, and 2.4x in media & entertainment, signifying the role of Covid-19 in accelerating digital adoption. Meanwhile, industrial lockdowns and decline in economic activity negatively affected investments into B2B commerce and tech that saw investment value declining by 50 percent in 2020.

“We expect recovery over the next 1–2 years as portfolios of top VC investors mature (most portfolios did not reach maturity in 2020, in addition to Covid-19 impacting exit valuations and disrupting business models across sectors). Overall, the strength of India’s VC ecosystem has driven real economic value for the country—VC investments have played a pivotal role in bolstering the start-up ecosystem in India—only behind US and China globally—and have created more than 3 million jobs directly or indirectly over the past eight years,” the report said.

Apple Inc spending from ‘Green Bonds’ hits $2.8 billion

Apple Inc say it has allotted $2.8 billion raised from “green bonds” that last year funded 17 projects that will generate 1.2 gigawatts of renewable energy. The company said the projects will avoid an average of 921,000 metric tonne of carbon emissions each year, which it said is equal to removing nearly 200,000 cars from the road. Green bonds are a category of fixed-income securities that raise capital for projects with environmental benefits, such as renewable energy or low-carbon transport.

Apple, one of the largest private-sector issuers of such bonds, is using the capital as part of its effort to become carbon neutral across its sprawling manufacturing supply chain by 2030. The company has issued three sets of green bonds since 2016 totaling $4.7 billion. Among Apple’s 2020 green bond projects was what it said was a set of two onshore wind turbines in Denmark that it said are that nation’s largest.

The company said the 200-meter tall turbines near Esbjerg will generate 62 gigawatt hours of electricity each year for Apple’s data center in Viborg, with all surplus energy going to the Danish grid. Apple said other projects last year were a 180-acre solar power site near its data center in Reno, Nevada, that will generate 270 megawatts of power along with its other Nevada projects; a 112-megawatt power purchase agreement with a wind farm near Chicago to offset power consumption in that region; and a 165-megawatt solar power development project with three other companies near Fredericksburg, Virginia.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Euler Motors raises an additional $2.6 million in its Series A round

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Euler Motors, an automotive technology OEM focused on electric commercial vehicles (EVs) has closed its Series A funding round at $9.5 million, with additional investments of $2.6 million raised from new investor ADB Ventures, the venture investing arm of Asian Development Bank and existing investor, Blume Ventures. This also marks the first investment by ADB Ventures in an EV company globally.

The new funds will be used for Euler Motors’ upcoming launch of its three-wheeler cargo vehicle this year, and support market expansion in India to cities like Bangalore, Kolkata, Ahmedabad & Pune, in addition to Delhi NCR.

“ADB Ventures’ investment in Euler Motors signals a growing market readiness for EV in India. We are delighted and proud that ADB Ventures have chosen Euler Motors as their first investment in an EV company. We believe it is testimony to our execution so far against our defined vision, and the quality of our innovation”, said Saurav Kumar, Founder & CEO, Euler Motors. “Blume Ventures have been a continuous source of support to us in the Series A. Their renewed investment is incredibly valuable and gives us confidence that we are on the right path and reaffirms our belief that indigenous innovation from India will fast forward the market transition to electric mobility both in India and across the world.”, he added. 

On its first investment in an EV company in India, Daniel Hersson, Senior Fund Manager, ADB Ventures, said, “Euler Motors has positioned itself to capitalize on tailwinds including falling battery prices, policies favouring a transition to electric vehicles and increasing demand for last-mile delivery solutions. It’s a great example of a company that has the right tech and business model in the right place and time.”

 Arpit Agrawal, Director, Blume Ventures said, “Over the last two years of our association with Euler Motors, we have found comfort in the rock-solid focus of Saurav and team in building world-class products and executing the operations-heavy lease part of the business in a highly reliable and scalable manner. We are confident that the company will continue to grow and will establish India as a global hub for electric vehicles manufacturing in the times to come”.

 This round follows capital infusion of $4 million led by its existing investors – Inventus Capital and Jetty Ventures – announced earlier this month.
With this, Euler Motors has raised a total of $11.6 million since inception in 2018. Investors include ADB Ventures, Blume Ventures, Inventus Capital, Jetty Ventures, US-based Emergent Ventures, Andrew Lee, Sujeet Kumar, Cofounder, Udaan, and Srinivas Anumolu & K Ganesh from Growth Story.

Euler Motors has a full-stack ecosystem approach towards making commercial EV mainstream and enabling seamless customer adoption. Since its inception, Euler Motors has established a network of 100+ charging infrastructure in Delhi NCR that can charge 200+ electric vehicles at any given point and over 250 vehicles deployed across e-commerce and 3PL companies to fulfil last-mile intra-city delivery requirements. With deployments across customers such as BigBasket, EcomExpress and Udaan, Euler Motors’ vehicles have completed over 10 million deliveries and helped reduce carbon emissions of over 2.2 million tonnes.

With an almost 200 percent increase in demand last year, the company is all set to launch an advanced technology L5 vehicle in the upcoming quarter.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow