Raised $2 Million in pre-Series A from Blume Ventures, Emergent Ventures and Andrew Lee
- Companies like BigBasket, BlueDart, EcomExpress, Udaan are using its prototype e-vehicles for the last- mile delivery in Delhi-NCR
- Focused on building its own Li-ion battery pack from two manufacturing units in Delhi NCR
- Building infrastructure and solving ecosystem challenges from the ground-up with the aim of increasing adoption of e-vehicles in India
NEW DELHI, August 1,, 2019: Euler Motors, the automotive technology start-up focussed on electric vehicles will launch its 3-wheeler light commercial cargo vehicles by early next year. Around 100 prototype e-vehicles of Euler Motors are already running on the Delhi-NCR roads used by companies like BigBasket, EcomExpress, BlueDart, Udaan etc. for their last-mile delivery.
Founded in 2018, Euler Motors has so far raised USD 2 Million from marquee investors like Blume Venture, Emergent Ventures and Andrew Lee to set-up the manufacturing & R&D facility, building indigenous Li-ion battery pack and hire talent. The R&D team at Euler Motors is focused on building automotive-grade lithium-ion battery pack that could deliver the range required for intra-city logistics in all-weather, temperatures and road conditions. The company currently makes Li-Ion battery pack of 5.76 KWh for its vehicles. Parallelly, Euler Motors has set up charging and service stations, combining hardware and software play bringing components like powertrain control system, battery and thermal management system, telematics and data-driven approach to fine-tune performance, and improve efficiencies of last-mile logistics. The company has also installed over 70 electric vehicle charging stations within Delhi-NCR.
Euler Motors is founded by Saurav Kumar who previously co-founded Cube26 Software Pvt. Ltd, a mobile technology platform that was acquired by Paytm at the beginning of 2018. Talking about the plans and approach of the company, Mr. Saurav Kumar, Founder and CEO, Euler Motors said, “Euler Motors is working towards providing sustainable last-mile transportation by accelerating the adoption of electric vehicles. We understand the challenges of the sector, but we believe that our indigenously created battery pack and upcoming innovation in light commercial vehicle will set industry standard and thereby helping ecommerce companies, logistics providers and independent fleet owner.”
Mr. Arpit Agarwal, part of the investment team at Blume Ventures, said, “Alongside being electric, vehicles are increasingly becoming autonomous, shared and connected. It brings a whole new paradigm in the automotive industry that incumbents are not fully prepared for. Euler Motors represents a new crop of auto companies that are born in software first era. Saurav and the team were able to understand the paradigm of Total Cost of Ownership parity ahead of the market and built a product with a business model that has no parallel in India. As a result, they have seen demand of their products far exceeding their production capacity. We have immense faith in their ability to build this business quickly to a scale that will make them synonymous with commercial electric vehicles in India”.
The range of the current commercial cargo electric vehicles are 80-100 KMs, depending on the load on the vehicles and has the total capacity to carry 500 Kgs weight. The company performs its research, manufacturing, and assembly from its two centres in Faridabad, Haryana and Okhla Industrial Area, New Delhi.