Commercial electric vehicle manufacturer Euler Motors has raised Rs 200 crore ($24 million) in a Series C funding round led by new investor Piramal Alternatives India Access Fund. The round also saw participation from existing investors British International Investment and Blume Ventures. Euler Motors plans to use the new funds to expand its presence across India and enhance its servicing infrastructure in 40 cities by March 2025.

This latest funding brings Euler Motors’ total Series C round to Rs 570 crore ($68.6 million). In November last year, the company raised Rs 120 crore ($14.5 million) in an extended Series C round co-led by British International Investment and Blume Ventures. To date, Euler Motors has secured Rs 770 crore ($92 million) in funding. According to startup data intelligence platform TheKredible, the company was valued at around $160 million during the extended Series C round in November 2023.

Euler Motors’ commercial electric vehicles have collectively transported goods over 45 million kilometers. The company’s flagship model, the HiLoad EV, is touted as the most powerful electric cargo three-wheeler with a range of 170 kilometers. In FY24, the company sold 3,700 vehicles and expanded its operations from 5 to 22 cities.

In line with many startups facing a tight funding environment, Euler Motors laid off 10% of its employees to reduce costs. For the fiscal year ending March 2023, the company reported Rs 61.53 crore in revenue from operations, up from Rs 17.57 crore in FY22. However, its losses increased nearly fivefold to Rs 174.73 crore in FY23 from Rs 36.33 crore the previous year, largely due to investments in infrastructure and facilities.