Euler Motors & BLive EV startups raised Series A funding 

An electric vehicle startup Euler Motors announced that it has closed its Series A funding round at $9.5 million, with an additional investment of $2.6 million raised from new investor ADB Ventures.

Euler Motors & BLive

Euler Motors Saurav Kumar, founder and chief executive officer said “ADB Ventures’ investment in Euler Motors signals a growing market readiness for EV in India. We are delighted and proud that ADB Ventures have chosen Euler Motors as their first investment in an EV company. We believe it is testimony to our execution so far against our defined vision, and the quality of our innovation.”

Earlier the company had raised Rs 30 crore about $4 million as part of the Series A funding. The round was led by existing investors Inventus India and Jetty Ventures with other participators.

The new funding will be used for Euler Motors’ upcoming launch of its three-wheeler cargo vehicle this year and for the company’s market expansion in India including cities like Bengaluru, Kolkata, Ahmedabad, and Pune, in addition to Delhi NCR, the company said in a statement.

A Goa-based electric vehicle startup BLive has also raised $1 million as part of the follow-on capital of the Pre-Series A round. The funding was a combination of debt and equity and was led by LetsVenture, Mumbai Angels, JITO, and Credit Wise Capital.

Last year in 2019, it raised nearly $1 million from a stake sale to entertainment and event platform DNA Networks.

Also Read the related article: List of electric vehicles companies seed funding

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