Piramal Alternatives heads Euler Motors' Rs 2 bn fundraising

31 May 2024 CW Team

According to Kalpesh Kikani, the CEO of Piramal Alternatives, the company expressed enthusiasm for the broader electric vehicle (EV) category, particularly focusing on last-mile mobility in the commercial and logistics sector, and highlighted Euler Motor's strong technology and research and development capabilities.

In November, it was reported that Euler Motors had raised Rs 120 crore from British International Investment and Green Frontier Capital. At that time, the company's founder and CEO, Saurav Kumar, mentioned that the funding occurred at a lower valuation compared to the previous round, termed as a 'down round' in startup terminology. Euler Motors had previously raised $ 60 million in October 2022 at an estimated valuation of $ 200-250 million.

Saurav Kumar expressed the company's ambition to establish Euler Motors as India's top electric commercial vehicle brand through their robust products and high-quality services. He stated that the fresh capital infusion, along with the confidence of their investors, would drive them towards achieving a double-digit market share.

The funds raised will be utilized by Euler Motors to expand its presence to 40 cities by FY25, in addition to investments in product development and research and development initiatives. In FY24, the company claimed to have sold 3,700 vehicles and expanded its reach from 5 to 22 cities. Most of Euler Motors' showrooms are owned and operated by the company itself, with some operating under a dealership model.

In FY23, Euler Motors reported a higher net loss of Rs 175 crore compared to Rs 36 crore in the previous year. However, it also noted a significant 250% year-on-year increase in revenue from operations, amounting to Rs 620 million.

Euler Motors, a manufacturer of electric three-wheelers, announced that it had secured Rs 2 billion in funding as part of a continued funding round led by Piramal Alternatives India Access Fund. The round also saw participation from the company's existing investors, British International Investment and Blume Ventures. According to Kalpesh Kikani, the CEO of Piramal Alternatives, the company expressed enthusiasm for the broader electric vehicle (EV) category, particularly focusing on last-mile mobility in the commercial and logistics sector, and highlighted Euler Motor's strong technology and research and development capabilities. In November, it was reported that Euler Motors had raised Rs 120 crore from British International Investment and Green Frontier Capital. At that time, the company's founder and CEO, Saurav Kumar, mentioned that the funding occurred at a lower valuation compared to the previous round, termed as a 'down round' in startup terminology. Euler Motors had previously raised $ 60 million in October 2022 at an estimated valuation of $ 200-250 million. Saurav Kumar expressed the company's ambition to establish Euler Motors as India's top electric commercial vehicle brand through their robust products and high-quality services. He stated that the fresh capital infusion, along with the confidence of their investors, would drive them towards achieving a double-digit market share. The funds raised will be utilized by Euler Motors to expand its presence to 40 cities by FY25, in addition to investments in product development and research and development initiatives. In FY24, the company claimed to have sold 3,700 vehicles and expanded its reach from 5 to 22 cities. Most of Euler Motors' showrooms are owned and operated by the company itself, with some operating under a dealership model. In FY23, Euler Motors reported a higher net loss of Rs 175 crore compared to Rs 36 crore in the previous year. However, it also noted a significant 250% year-on-year increase in revenue from operations, amounting to Rs 620 million.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Infrastructure Urban

07 Jul 2026

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..