The company says it has raised $2 million in pre-Series A from Blume Ventures, Emergent Ventures and Andrew Lee, and already has over 100 prototype vehicles running in Delhi.
01 Aug 2019 | 35266 Views | By Autocar Professional Bureau
The Indian start-up scenario is looking at electric mobility as the next big evolution, and not a day passes by without a new player announcing its intent and plans to make the most of the trend. Delhi-based Euler Motors, an automotive technology start-up focussed on EVs, has announced its plan to launch ...
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The Indian start-up scenario is looking at electric mobility as the next big evolution, and not a day passes by without a new player announcing its intent and plans to make the most of the trend. Delhi-based Euler Motors, an automotive technology start-up focussed on EVs, has announced its plan to launch a electric three-wheeler in the small commercial vehicle category in first half of 2020.
The company claims says it has around 100 prototype EVs are already running on the Delhi-NCR roads used by companies like BigBasket, EcomExpress, BlueDart and Udaan among others for their last-mile delivery.
The company founded in 2018 has so far raised $2 million (Rs 13.81 crore) from investors like Blume Venture, Emergent Ventures and Andrew Lee to set-up the manufacturing and R&D facility, developing indigenous lithium-ion battery pack and hiring talent. Euler Motors says its 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.
At present the company makes a 5.76KWh lithium-ion battery pack for its vehicles. Concurrently, it has set up charging and service stations, combining hardware and software to bring 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 claims it has installed over 70 EV charging stations within Delhi-NCR.
The company is founded by Saurav Kumar, who previously co-founded Cube26 Software, a mobile technology platform that was acquired by Paytm at the beginning of 2018.
Commenting on the company's strategy, Saurav Kumar, founder and CEO, Euler Motors said, “Euler Motors is working towards providing sustainable last-mile transportation by accelerating the adoption of EVs. We understand the challenges of the sector, but we believe that our indigenously created battery pack and upcoming innovation in light commercial vehicles will set industry standard and thereby helping ecommerce 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 the 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 company claims that at present the range of the electric small CV, which has a payload capacity of 500kg, is 80-100km. The company carries out its research, manufacturing and assembly operations from its two centres in Faridabad, Haryana and Okhla Industrial Area, New Delhi.