Euler Motors chalk out aggressive growth plans, to enter 12 new markets

The Gurgaon based small electric commercial vehicle start-up embarks on the next phase of growth with aggressive expansion into top key markets across India. Eyes over ₹ 300 crore top-line in FY23, to increase production capacities.

To capitalize on the growing demand for greener, powerful last-mile electric vehicles, Euler Motors, the makers of India’s modern e-cargo rickshaws, is poised for its next phase of growth. The company embarked on an expansion spree with a footprint in 12 new markets in the next fiscal including key delivery hubs like Bangalore, Chennai, Chandigarh, Jaipur, Hyderabad and Kolkata among others. These deployments will span across in next 18 months with an aim to capture around 20% market share by 2025. Euler Motors has set a target to achieve ₹ 300 crore revenue by the end of FY23 and plans to deploy 8,500 units of HiLoad on road by FY23.

The company recently announces an ₹ 200 crores towards Capex and increase production to 35000 units annually. These investments will come via the ongoing series B and debt fundraise in this fiscal. The company plans to raise USD 50 million in 2022.

High In Demand

Euler Motors has commenced the retail deliveries of its HiLoad e-cargo three-wheeler in January 2022 and plans to close the current financial year with revenue of INR 20 crores. Some of the current customers for Euler Motors include Flipkart, BigBasket, Udaan and MoEVing. So far, the company has raised USD 21.6 million till date. For this year, the company plans to develop state-of-the-art manufacturing in Delhi-NCR and have seamless operations.

Euler Motors’ first product- ‘HiLoad’ is India’s most powerful electric three-wheeler cargo with the highest payload capacity, battery power and on-road range. HiLoad has received excellent responses and has seen strong demand from both institutional and retail customers.

Upward Trajectory

Euler Motors took off its Indian journey in 2018 developing & deploying innovative technology solutions built for India, from India. Its solutions are road-ready, technologically superior and competent having proved their mettle across e-commerce and 3PL industries. 

Euler Motors' introduced the HiLoad- a full-electric cargo three-wheeler- targeted at last-mile cargo delivery needs of businesses, entrepreneurs, and micro-fleet operators. The HiLoad is the most powerful three-wheeler EV in terms of range, battery and payload capacity, with path-breaking innovation and design. With its advanced vehicles, charging infrastructure and servicing support, Euler is tyring to build an EV ecosystem to help customers make an effortless transition to electric vehicles.

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