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

EntrackrEntrackr · 9m 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.

Exclusive: Agnikul raises Rs 60 Cr in Series new round

EntrackrEntrackr · 11d ago
Exclusive: Agnikul raises Rs 60 Cr in Series new round
Medial

Space-tech startup Agnikul Cosmos has raised Rs 60 crore ($6.7 million) in a fresh funding round after a gap of two years. The company secured Rs 30 crore each from Advenza Global Ltd and Atharva Green Ecotech Pvt Ltd. According to regulatory filings sourced from the Registrar of Companies (RoC), the company has issued 225 Series C1 compulsory convertible preference shares (CCPS) at an issue price of Rs 13,33,393.74 per share to Advenza Global Ltd and Atharva Green Ecotech Pvt Ltd each. The object of raising the investment is mainly to meet the strategic growth plans and expansion of its business, as well as to address working capital requirements, according to the regulatory filing. Founded in 2017 by Srinath Ravichandran and Moin SPM, Agnikul is developing customizable small satellite launch vehicles. The startup gained attention for Agnibaan, its 3D-printed rocket engine, and operates from the National Center for Combustion R&D at IIT Madras. Prior to this, Agnikul raised Rs 200 crore (around $26.7 million) in its Series B round in 2022 led by Celesta Capital and Rocketship.vc, Artha Venture Fund, Artha Select Fund, and Mayfield India. While Agnikul is yet to file its FY25 numbers, the Chennai-based startup recorded Rs 9 crore revenue in FY24 with losses nearing Rs 43 crore in the same period. Its competitor, Skyroot Aerospace, posted a revenue of Rs 29 crore while its losses touched Rs 55 crore in FY24.

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