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Euler Motors, an OEM focused on electric commercial vehicles (EVs), has closed its Series A funding round at $9.5 million, with additional investments of $2.6 million raised from new investor ADB Ventures — the venture investing arm of Asian Development Bank and existing investor Blume Ventures.

This also marks the first investment by ADB Ventures in an EV company globally.

 “ADB Ventures’ investment in Euler Motors signals a growing market readiness for EV in India. We are delighted and proud that ADB Ventures have chosen Euler Motors as their first investment in an EV company. We believe it is a testimony to our execution so far against our defined vision, and the quality of our innovation,” said Saurav Kumar, Founder and CEO, Euler Motors. 

“Blume Ventures have been a continuous source of support to us in the Series A round. Their renewed investment is incredibly valuable and gives us confidence that we are on the right path and reaffirms our belief that indigenous innovation from India will fast-forward the market transition to electric mobility both in India and across the world,” he added. 

This round follows a capital infusion of $4 million led by its existing investors — Inventus Capital and Jetty Ventures – announced earlier this month. With this, Euler Motors has raised a total of $11.6 million since its inception in 2018. Investors include ADB Ventures, Blume Ventures, Inventus Capital, Jetty Ventures, US-based Emergent Ventures, Andrew Lee, Udaan Co-founder Sujeet Kumar, as well as Srinivas Anumolu and K Ganesh from Growth Story.  

On its first investment in an EV company in India, Daniel Hersson, Senior Fund Manager, ADB Ventures, said, “Euler Motors has positioned itself to capitalise on tailwinds including falling battery prices, policies favouring a transition to electric vehicles, and increasing demand for last-mile delivery solutions. It’s a great example of a company that has the right tech and business model in the right place and time.”

Arpit Agrawal, Director, Blume Ventures said, “Over the last two years of our association with Euler Motors, we have found comfort in the rock-solid focus of Saurav and team in building world-class products and executing the operations-heavy lease part of the business in a highly reliable and scalable manner. We are confident that the company will continue to grow and will establish India as a global hub for electric vehicles manufacturing in the times to come”.

The new funds will be used for Euler Motors’ upcoming launch of its three-wheeler cargo vehicle this year, and support market expansion in India to cities like Bengaluru, Kolkata, Ahmedabad, and Pune – in addition to Delhi-NCR.

Euler Motors has a full-stack ecosystem approach towards making commercial EV mainstream and enabling seamless customer adoption. Since its inception, Euler Motors has established a network of 100+ charging infrastructure in Delhi-NCR that can charge 200-plus electric vehicles at any given point, and boasts over 250 vehicles deployed across ecommerce and 3PL companies to fulfil last-mile intra-city delivery requirements.