Electric commercial vehicle manufacturer Euler Motors has announced the successful closure of its Series C funding round, raising an additional ₹200 crore.

Internal investors including British International Investment, the UK’s development finance institution and impact investor, Blume Venture and new investor Piramal Alternatives India Access Fund led this round’s fresh infusion of funds.

The company has raised ₹570 crore in total from investors in Series C.

Euler Motors will utilise the fresh infusion of capital to further scale its pan-India presence and servicing infrastructure and establish a presence in over 40 cities by FY25. Additionally, it will fuel the company’s strategic initiatives aimed at driving product development, bringing new variants, enhancing technological capabilities and accelerating R&D efforts.

In FY24, the company sold 3,700 vehicles and expanded its presence from 5 to 22 cities, said the company in a statement.

“We welcome the support of both existing and new investors. Our aim is to establish Euler Motors as India’s No. 1 electric commercial vehicle brand with our powerful products and best-in-class services. Over the past 3 years, we’ve demonstrated impressive growth, gained the confidence of customers and created a heightened demand for our products. This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share. With this momentum, we’re ready to accelerate our growth trajectory and lead the transition to commercial EVs in India,” said Saurav Kumar, Founder and CEO, Euler Motors.

Till now, Euler Motors has successfully raised an amount of ₹770 crore.

In the electric three-wheeler space, it competes with Altigreen and legacy players like Mahindra Electric, Piaggio, Kinetic Green and Tata, among others.