Euler Motors has raised $60 million in a fundraising round led by GIC Singapore. The series C funding round also witnessed participation by Athera Venture Partners (formerly Inventus India), Blume Ventures, ADB Ventures, QRG Holdings, and Moglix. Avendus Capital was the advisor to Euler Motors on the transaction.

Reportedly, Euler Motors would use the funds to scale up its production and supply chain, product development and augment talent. It is likely to invest in the distribution network and brand building as it expands its retail presence in 12 new markets by the end of this financial year.

Saurav Kumar, the founder and chief executive officer of Euler Motors, said that the company’s vision is to develop not only industry-related products but also the ecosystem to support the EV transition. This investment, according to him, will fuel the company’s objective to establish Euler Motors as a frontrunner in driving the electrification of commercial mobility in India.

Established in 2018, Euler Motors said it is facilitating the global transition to electrification and making mobility sustainable. Last year, the company launched an electric cargo three-wheeler HiLoad EV. It has a payload capacity of about 688 kg. The firm said HiLoad EV has an order book of more than 9,000 vehicles.

Based in Delhi, Euler Motors said it has also set up a charging infrastructure with customer-centric servicing, multiple charging options, as well as financing services.