Euler Motors to introduce Electric 3-wheeler Light Commercial Cargo Vehicles
Raised $2 Million
in pre-Series A from Blume Ventures, Emergent Ventures and Andrew Lee
Companies like BigBasket, BlueDart, EcomExpress,
Udaan are using its prototype e-vehicles for the last- mile delivery in
Delhi-NCR
Focused on building its own Li-ion battery pack from two
manufacturing units in Delhi NCR
Building infrastructure and solving
ecosystem challenges from the ground-up with the aim of increasing adoption of
e-vehicles in India
by Shrutee K/DNS
NEW DELHI: Euler Motors, the automotive technology start-up focussed on electric
vehicles will launch its 3-wheeler light commercial cargo vehicles by early
next year. Around 100 prototype e-vehicles of Euler Motors are already
running on the Delhi-NCR roads used by companies like BigBasket, EcomExpress,
BlueDart, Udaan etc. for their last-mile delivery.
Founded in 2018,
Euler Motors has so far raised USD 2 Million from marquee investors like Blume
Venture, Emergent Ventures and Andrew Lee to set-up the manufacturing &
R&D facility, building indigenous Li-ion battery pack and hire talent. The
R&D team at Euler Motors 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. Parallelly, Euler Motors has
set up charging and service stations, combining hardware and software play
bringing components like powertrain control system, battery and thermal
management system, telematics and data-driven approach to fine-tune
performance, and improve efficiencies of last-mile logistics. The company has
also installed over 70 electric vehicle charging stations within Delhi-NCR.
Euler Motors is
founded by Saurav Kumar who previously co-founded Cube26 Software Pvt. Ltd, a
mobile technology platform that was acquired by Paytm at the beginning of 2018.
Talking about the plans and approach of the company, Mr. 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. We understand the
challenges of the sector, but we believe that our indigenously created battery
pack and upcoming innovation in light commercial vehicle will set industry
standard and thereby helping ecommerce companies, logistics providers and
independent fleet owner.”
Mr. 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. 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 demand of 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”.
The range of
the current commercial cargo electric vehicles are 80-100 KMs, depending on the
load on the vehicles and has the total capacity to carry 500 Kgs weight.
The company performs its research, manufacturing, and assembly from its two centres
in Faridabad, Haryana and Okhla Industrial Area, New Delhi.
About the company: Founded in 2018, Euler Motors is an automotive technology start-up focussed on sustainable last mile
transport by accelerating the transition of the Indian transportation ecosystem
from internal combustion engines to new age electric vehicles. The company addresses industry barriers and focuses on increasing the
adoption of light electric commercial vehicles by offering the entire electric
mobility as a service. http://www.eulermotors.com
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