Euler Motors raises Rs 120 cr

Mumbai: Commercial electric vehicle maker Euler Motors on Monday said it has raised Rs 120 crore in a funding round from a bunch of investors. The ongoing series-C extension round saw commitment from British International Investment (BII), the UK government’s development finance institution and impact investor, which is co-investing with Blume Ventures in the company, Euler Motors said in a statement. The company said it has also onboarded Green Frontier Capital, India’s first investment firm focused on growth companies as part of this fundraising round along with existing investors, it said. The freshly raised capital from the ongoing series-C extension round will be deployed strategically to drive Euler Motors’ pan-India expansion initiatives, as it plans to enter 40 cities by the end of FY 2023-24, the company said in a statement.