New Delhi: Euler Motors has announced that it will launch electric three-wheeler light commercial cargo vehicles in India early next year.
The company has secured $2 million funding in the pre-Series A round from Blume Ventures, Emergent Ventures and Andrew Lee, informs Euler Motors in a release. It also claims that this amount will be used for setting up manufacturing and R&D facility, building indigenous li-ion battery pack and hiring talents as well.
It says the inhouse R&D team 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.
Currently, Euler Motors’ prototype electric vehicles are being used by companies like BigBasket, BlueDart, EcomExpress, Udaan for last-mile delivery in Delhi-NCR. Range of these commercial cargo electric vehicles are 80-100 KMs, depending on the load and has the total carrying capacity of 500 Kgs.
The company has also installed 70 EV charging stations across Delhi-NCR.
Talking about the plans of the company, 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.
He also said, “We understand the challenges of the sector, but we believe that our indigenously created battery pack and upcoming innovation in the light commercial vehicle will set the industry standard and thereby helping e-commerce companies, logistics providers and independent fleet owner.”
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.”
He further added, “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 the demand for 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.”