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Exclusive: Hero MotoCorp to lead Euler Motors’ Series D funding

EntrackrEntrackr · 6m ago
Exclusive: Hero MotoCorp to lead Euler Motors’ Series D funding
Medial

Exclusive: Hero MotoCorp to lead Euler Motors’ Series D funding Commercial electric vehicle manufacturer ​​Euler Motors is in talks to raise up to $50 million in its Series D round led by Hero MotoCorp, according to two sources familiar with the matter. In May 2024, the firm raised $24 million in an extended Series C round led by new investor Piramal Alternatives India Access Fund. Existing investors British International Investment and Blume Ventures also participated. “Hero MotoCorp will lead the round along with existing investors including Caladium Investments (GIC),” said one of the sources requesting anonymity as talks are yet to be public. According to sources, the round is yet to be fully subscribed and the company may end-up raising anywhere between $45 to $50 million. The Delhi-based company already raised $20 million in debt from responsAbility Investments AG last month. According to startup data intelligence platform TheKredible, Euler has raised over $110 million and is currently valued at around $160-170 million. Queries sent to Euler, Hero MotoCorp, and GIC did not elicit a response until the publication of the story. Launched in 2018 by Saurav Kumar, Euler Motors claims that its commercial electric vehicles have covered a total distance of over 45 million kilometers in goods transportation. The company's flagship model, the HiLoad EV, is claimed to be the most powerful electric cargo three-wheeler, offering a range of 170 kilometers. For the fiscal year ending in March 2024, Euler Motors’ operating revenue soared 3X to Rs 189 crore in FY24 from Rs 62 crore in the previous fiscal year. During FY24, the company posted a net loss of Rs 226.9 crore. In FY24, the company sold 3,700 vehicles and expanded its footprint from five to 22 cities. In the electric three-wheeler segment, Euler Motors competes with Altigreen, as well as established players like Mahindra Electric, Piaggio, Kinetic Green, Tata, and others. It's worth noting that Hero MotoCorp was reportedly in talks to invest Rs 900 crore in Bengaluru-based startup Altigreen. The entry of Hero MotoCorp would certainly raise a few eyebrows, but the decision is not as unexpected as it seems. Hero MotoCorp will find the three wheeler commercial category worth a relook now that it is looking to become EV led, creating a fresh opportunity for many players. With its stake in two wheeler EV firm Ather already at 40%, the Hero’s $5 billion balance sheet can well afford a stake in Euler, before it takes a strategic call to go big possibly. But for industry watchers, it is an enticing prospect indeed.

Hero MotoCorp invests Rs 124 Cr in Ather Energy, now controls nearly 42% stake

EntrackrEntrackr · 1y ago
Hero MotoCorp invests Rs 124 Cr in Ather Energy, now controls nearly 42% stake
Medial

Hero MotoCorp has approved the purchase of an additional 2.2% stake in the electric scooter maker Ather Energy for about Rs 124 crore (approximately $15 million). This is the third investment from Hero MotoCorp in the Bengaluru-based company in the last nine months. In December, Hero MotoCorp acquired 3% stake in Ather Energy for Rs 140 crore ($16.8 milion). With the latest investment, Hero MotoCorp now controls nearly 42% holding in the Tarun Mehta-led company. The development comes shortly after Ather Energy’s $34.5 million debt and equity fundraise in which co-founders Mehta and Swapnil Jain also pumped in over $10 million collectively. Ather was valued at $750 million during the Series E round in May 2022. However, it has not disclosed its valuation since then. As per startup data intelligence platform TheKredible, Sachin Bansal is the second largest investor after Hero MotoCorp in Ather. Other notable external stakeholders include Caladium Investment and Tiger Global. During FY23, Ather’s revenue from operations spiked 4.36X to Rs 1,784 crore while its losses grew 2.5X to Rs 864.5 crore in the same period. The company is yet to file its financial results for FY24. Electric two-wheelers saw an uptick in sales in May after a 50% drop in overall sales in April. As per Vahan data, Ather Energy had a market share of 9.45% as it sold 6,024 units in the last month. Its competitor Ola Electric was at the top with the sale of 37,191 units followed by TVS and Bajaj with 11,737 units and 9,189 units, respectively.

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