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Electric blues: Euler’s fundraise reveals the tough road ahead for EV makers

Pranav Balakrishnan

Vidhya Sivaramakrishnan

August 30, 2023 | 8 Min Read

After Ather Energy, another EV manufacturer has been pushed to cut back on its funding ambitions. Euler Motors is close to raising a $25 million funding round, which is less than half the size of its previous one, and reflective of the challenges facing the industry.

Euler Motors will follow bigger peer Ather Energy and close a funding round that is smaller than its previous one, a source close to the development told The CapTable, further highlighting the challenges faced by the nascent EV industry in the country.

The source, who did not wish to be identified, said Euler is set to raise $25 million from new and existing investors. This is less than half the $60 million it raised in a round led by GIC Singapore last year.

“A part of the round has already been wired into the company,” the source said about the latest round, adding that the money will be used to expand capacity and hire fresh talent. Several other sources confirmed Euler’s fundraise but did not reveal more details.

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