EVs startup of the week-Euler Motors
Euler Motors is a New Delhi based automotive technology startup established in 2018 by the company founder and CEO, Saurav Kumar. The startup focuses on commercial electric vehicles and makes light electric vehicles.
The startup to launch electric three-wheelers in India for commercial use. The company’s around 100 prototypes of electric three-wheelers are currently running on roads and are used by some of the companies including Udaan, BigBasket, EcomExpress, BlueDart, etc to provide last-mile delivery in Delhi-NCR.
The company inspired by the work done by Tesla and committed building India’s transition to sustainable mobility. The company aims to become the category leader for cargo transport by driving the EV revolution in India. They are focused on first for solving last-mile logistics for e-commerce and 3PL players.
For the mass-market adoption, the startup is offering the entire “mobility service instead of serving just one stage of larger value-chain. This paradigm shift in what was traditionally perceived as the DNA of an OEM has enabled them to work with brands like BigBasket, Blue Dart, Ecom Express and Udaan.”
EVs startup of the week- Euler Motors
The company says why to choose electric:
As battery electric vehicle has less moving parts than the conventional ICE vehicles and there is no need for liquid fuels or oil changes. There will be no transmission or timing belt to fail when you least expect it. There will be no maintenance costs associated with an ICE engine are eliminated.
The overall cost of EV ownership is actually lower than diesel vehicles. Consider fuel costs-diesel vehicles operate at ₹ 2.5/km while an Euler vehicle runs on ₹ 0.6/km.
The company’s cargo electric vehicle provides a range of 80-100 km on a single charge but depends on the load, the vehicles are carrying. The electric three-wheeler can carry the maximum load of 500 kgs.
The electric three-wheelers at present using 5.76 kWh battery packs for its vehicles. Not only electric three-wheelers the company has also installed more than 70 EV charging stations across Delhi-NCR. The startup has raised funds of $2 million from Blume Ventures and Emergent Venture.
Speaking about the plans of the company, Saurav Kumar said,
“Euler Motors is working towards providing sustainable last-mile transportation by accelerating the adoption of electric vehicles. We understand the challenges of the sector, but we believe that our indigenously created battery pack and upcoming innovation in the light commercial vehicle will set an industry standard and thereby helping eCommerce companies, logistics providers and independent fleet owners.”
In 2004, Saurav was willing to join the top engineering colleges in the country but unfortunately, he was unable to crack the entrance exam.
But with time his dream was getting strong, he got an engineering degree and he and worked for Yahoo and Moat. He designs and implemented the machine learning (ML) science modules nad algorithms for optimizing search results and ranking at yahoo. At Moat, he built ML again and this deep tech knowledge inspired him to become an entrepreneur.
Before Euler Motors, Saurav had his first startup Cube26 which builds OPS for Indian mobile OEMs like Karbon, Micromax, and Lava. The company also sold smart bulbs and raised $6.7 million from Tiger global.
Later he sold Cube26 to Paytm for an undisclosed amount in 2018 and immediately started Euler Motors. It performs its research and manufacturing in its three centers in Faridabad, Haryana and Okhla industrial area.
The startup has built a functional prototype using just Rs 1 crore and is working on Lithium-ion technology. it currently making partnerships with all fleet owners.
Currently, there are 200 people working in the company and has a capacity to produced 50 electric vehicles per month and is targeting 200 units per month by 2020.
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