Euler Motors, a commercial electric vehicle startup, is in the process of securing Rs 220 crore, approximately $25 million, through a debt round to be conducted in multiple tranches. This move comes after the company raised Rs 638 crore in its Series D round just nine months ago.
The funding details were revealed through regulatory filings obtained from the Registrar of Companies (RoC). In the initial tranche, Euler Motors aims to raise Rs 105 crore (about $11.6 million) by issuing non-convertible debentures. BlackSoil Capital is leading this round, with Trifecta Venture also participating.
To facilitate this fundraising, Euler Motors’ board has approved the issuance of up to 10,500 NCDs priced at Rs 1,00,000 each. BlackSoil is set to contribute Rs 75 crore, while Trifecta will invest Rs 30 crore, making the total proposed debt raise Rs 105 crore.
The capital raised will be utilized for various purposes including working capital, capital expenditure, refinancing existing borrowings, and general corporate needs. Established in 2018, Euler Motors focuses on producing three-wheelers and targets sectors like e-commerce and logistics with its electric vehicle solutions.
Having raised over $200 million to date, Euler Motors counts Hero MotoCorp, GIC, and British International Investment as key investors. The company’s revenue for FY25 saw a 12% year-on-year increase to Rs 192.26 crore, while losses decreased by 12% to around Rs 200 crore during the same period.
Source: Entrackr : Latest Posts