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Euler Motors, an Indian startup that designs and builds business electrical automobiles, has raised $60 million in a brand new funding spherical as it really works to ramp up its manufacturing capability and broaden its choices.
Singapore’s sovereign fund GIC led the New Delhi-headquartered startup’s Collection C funding. Blume Ventures, Athera Enterprise Companions, QRG, ADB Ventures and Moglix additionally participated within the funding, which values Euler Motors at $200 million.
Lengthy earlier than the Olas of the world ventured into constructing an electrical bike, which often catches hearth, Euler Motors has been testing a whole bunch of prototypes and has clocked thousands and thousands of miles to see if they will climate the situations of Indians roads and excessive temperature vary.
The result’s an electrical cargo three-wheeler referred to as HiLoad EV that options a number of industry-record breaking options together with a payload capability of 688 kg (1516 pound). It’s powered by a 12.4 KWh liquid cooled battery pack that takes as much as 4 hours to cost, however helps quick charging to ship 50 kilometers for simply quarter-hour of labor.
The startup, which at the moment produces about 100 automobiles a day, has a again order of 9,000 automobiles that it’s at the moment sifting by way of.
Previous to beginning Euler, Kumar based IoT startup Cube26, which was finally acquired by Paytm. After getting the exit, Kumar spent a while interested by the atmosphere and the rising air pollution and the way for India to attain its excessive targets of slicing emissions, it could must do one thing about all the 2 and three wheeler gasoline guzzling automobiles on the highway.
“It takes about 10 years to make a dent into something in India,” he stated in an interview. “Once we began Euler, it was clear that when folks purchase a three-wheeler, they don’t seem to be on the lookout for a luxurious product, they’re on the lookout for a necessity product that feeds their household.”
“On an electrical car, it may solely work when you have an ideal battery. We spent three years researching our battery earlier than beginning to use it. Our competitors isn’t an electrical car, it’s probably the most diesel and petrol-powered automobiles,” he stated.
The world’s second most populous nation has undertaken an formidable push to kickstart an electrical car motion lately. And far of this motion is driving on two and three-wheelers.
Indian automakers bought almost 430,000 electrical automobiles within the 12 months that resulted in March this yr, up from 134,821 a yr earlier than. Most of those had been two- and three-wheeled automobiles, in keeping with authorities information.
New Delhi, in addition to state governments are providing appreciable subsidies to these seeking to buy an electrical car partly to chop carbon emissions within the nation. A $6,140 electrical car, after state and federal waivers, price clients about $4,300. Earlier than state subsidy, HiLoad EV sells for round $4,900.
“Our imaginative and prescient is to not solely develop {industry} main merchandise but additionally the ecosystem to help the EV transitionm,” stated Kumar. “This funding will gasoline our ambition to ascertain Euler Motors as a frontrunner to drive electrification of economic mobility in India by scaling our manufacturing capability, increasing distribution footprint and strengthening the staff to ship pleasant experiences to our clients.”
By the tip of the monetary yr, Euler is hoping to ramp up its month-to-month manufacturing to a 1,000, Kumar stated. It is usually a number of different classes of automobiles, Kumar stated, however the focus stays on scaling the prevailing mannequin for now, he stated.
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