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Euler Motors raises Rs 638 Cr in Series D funding round

EntrackrEntrackr · 9m ago
Euler Motors raises Rs 638 Cr in Series D funding round
Medial

Euler Motors raises Rs 638 Cr in Series D funding round Commercial electric vehicle manufacturer Euler Motors has raised Rs 638 crore (approximately $75 million) in its Series D round, led by Hero MotoCorp, along with participation from existing investor British International Investment (BII). This latest infusion will be instrumental in expanding the company’s sales and service network, while advancing new product development to accelerate India’s commercial EV adoption. Last month, the company announced a $60 million investment from Hero MotoCorp. Entrackr also reported that British International Investment and Caladium Investment (GIC) contributed Rs 96 crore ($11.3 million) and Rs 32 crore ($3.76 million), respectively, in the Series D round. According to Entrackr’s estimates, Euler Motors' valuation remains flat at $176 million. Euler Motors has secured investments from prominent backers such as Blume Ventures, Athera Partners, Asian Development Bank Ventures, and the Piramal Alternatives India Access Fund. With the latest funding round, the company's total capital raised stands at approximately Rs 1,420 crore. Launched in 2018, Euler Motors specializes in the production of EV three-wheelers. The company has seen strong adoption across the e-commerce, retail, and logistics segments, backed by a growing portfolio of electric vehicles, including the HiLoad EV and the StormEV. “This is a strong vote of confidence both in India’s commercial electric mobility future and in Euler Motors’ execution and products. With this fresh capital and strategic backing from new and existing investors, we are poised to accelerate our scale, continue innovating to deliver superior products, and come a few steps closer towards becoming India’s No. 1 commercial EV brand,” said Saurav Kumar, founder and CEO of Euler Motors. Euler Motors reported a more than threefold increase in operating revenue year-on-year to Rs 189 crore in FY24 from Rs 62 crore in FY23. Despite this growth, the company posted a loss of Rs 227 crore during the same period. Euler competes with players like Altigreen, Mahindra Electric, Piaggio, Kinetic Green, Tata, and others.

Exclusive: Ecofy set to raise Rs 380 Cr led by British International Investment

EntrackrEntrackr · 2d ago
Exclusive: Ecofy set to raise Rs 380 Cr led by British International Investment
Medial

Exclusive: Ecofy set to raise Rs 380 Cr led by British International Investment Ecofy Finance, a non-banking financial corporation focused on climate change solutions, is set to raise Rs 380 crore (approximately $43 million) in its Series B equity round led by British International Investment. The company’s board has passed a special resolution to issue 20 equity shares and 38.05 crore Series B preference shares at a face value of Rs 10 each to raise Rs 380.5 crore, according to its regulatory filings sourced from the Registrar of Companies (RoC). British International Investment (BII) will lead the round with Rs 220 crore, while Finnfund Digital Access Impact Fund will invest Rs 70.5 crore. Existing investor FMO and promoter Green Growth Equity Fund (Eversource Capital) will contribute Rs 65 crore and Rs 25 crore, respectively. Following the round, GGEF (Eversource Capital) and FMO will hold 49.59% and 16.23% stakes in Ecofy, while new investors BII and Finnfund will own 20.36% and 6.53%, respectively. As per Entrackr’s estimates, the company is valued at around Rs 800 crore or $89 million post-allotment. According to the filings, the company aims to support sustainable private sector growth in developing and emerging markets by investing in businesses, projects, and financial institutions. The fresh proceeds will be used to meet its working capital requirements. Ecofy provides financing for economically sustainable climate initiatives, including electric vehicles (EVs), rooftop solar systems, energy-efficient equipment, energy storage, e-mobility, waste recycling, and water management, among others. The company had earlier raised Rs 90 crore in equity funding in January 2024 from FMO, and later secured around Rs 110 crore through a long-term loan facility (debt) from Denmark’s Investment Fund for Developing Countries (IFU) in March 2025. On the financial front, Ecofy’s revenue from operations surged 4.8X to Rs 93.3 crore in FY25 compared to Rs 19.19 crore in FY24. At the same time, its losses grew by 15.6% to Rs 42.28 crore. As an early mover into the financing space for solar and EVs, Ecofy has done well to build a portfolio that clearly meets with its backers' approval for quality. A big intangible is the learnings the firm has in terms of the issues that can impact credit quality in the segment. A real benefit is of course the distribution muscle as well. With a long, clear pathway for both solar growth and electrification of transport in India, competition has moved in of course, but Ecofy remains well placed to build on its learnings as an early mover.

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