India’s attempt to push the adoption of EVs has opened a floodgate of opportunities to start-ups working in this field towards building blocks for its success. The priority of e-commerce firms to include a stack of electric vehicles in the last mile delivery service and to reduce the expenditure incurred on fuel and carbon footprints has led Euler Motors into the picture.
Euler Motors, a Delhi headquartered enterprise is looking at solving last-mile delivery and logistics through EVs. A year and a half old startup is helping both consumer and business-facing companies to provide electric vehicles fleet for facilitating the last mile delivery. Companies like Amazon, Grofers, Udaan, Big Basket are looking forward to the same.
According to regulatory filings, Fortius, Blume Ventures, Jetty Ventures and Udaan’s Co-founder Sujeet Kumar have been allotted 41,753 Series A CCPS and 10 equity shares at a price of Rs 4547.56 each.
The brainchild of serial entrepreneur Saurav Kumar, Euler has also raised Rs 19 crore in an ongoing Series A round led by Inventus III India Fund.
Euler Motors received Rs 12.5 crore from Inventus III while Blume Ventures gave in Rs 4.6 crore. Jetty Ventures and Sujeet Kumar added the remaining Rs 1.9 crore, in the first tranche of the Series A financing.
Following the new round, Blume Ventures and Inventus will hold 22.84% and 13,98% stake respectively while Sujeet Kumar will control 1.01% equity. Singapore-based Jetty Venture will hold 1.12% stakes.
Following the tranche, Kumar’s equity reduced from 63.25% to 50.87%.
According to some reports, Euler Motors is estimated at a 93 crore fresh equity funding. The company competes with many manufacturers in the three-wheel EV space, but its partnership with e-commerce and cargo companies sets it apart from the crowded market.
Around 100 prototype e-vehicles are already running on the Delhi-NCR roads for cargo and parcel deliveries and being used by e-commerce firms for their last-mile delivery besides over 70 electric vehicle charging stations, the company said in a release. Several big firms which include Big Basket, Ecom Express, Blue Dart, Udaan have been using its vehicles. These vehicles are said to provide a range of 80-100 kilometres on a single charge with a maximum load-carrying capacity of 500 kilograms.
Euler Motors’ website claims that the overall cost of EV ownership is actually lower than diesel vehicles. Diesel vehicles operate at Rs 2.5 per kilometre while a Euler vehicle runs a kilometre on Rs 0.6.
Euler Motors is working towards providing sustainable last-mile transportation by accelerating the adoption of electric vehicles. We understand the challenges of the sector," said Saurav Kumar, founder and chief executive officer, Euler Motors also a second-time entrepreneur, who sold his previous venture Cube26 to digital payments major Paytm in 2018.