BENGALURU (Reuters) -Electric vehicle-maker Euler Motors said on Tuesday it had raised $60 million in its latest funding round, led by investment firm GIC Singapore, to shore up its manufacturing and supply chain.
The Indian startup did not disclose the valuation at which it raised the money in the Series C round, although it said its other investors included Blume Ventures, Athera Venture Partners, QRG Holdings, ADB Ventures and Moglix.
India's EV sector is seeing a lot of interest from investors, with Magna International investing $77 million in India's EV startup Yulu and Indian bikemaker Hero MotoCorp pumping in $60 million in Zero Motorcycles to jointly develop electric motorcycles.
The industry has been gaining mainstream push with Mahindra & Mahindra reportedly holding talks with investors to raise up to $500 million and Tata Motors, India's third-largest carmaker, launching the country's lowest priced electric car at a little over $10,000 last week.
Euler Motors, which already has an electric cargo three-wheeler in its product portfolio, plans to use the funds to speed up product development and expand its retail presence in 12 new markets by the end of the current fiscal year.
The company, which was founded in 2018, will also look to add new employees and expand distribution using the funds.
Euler Motors, which reported revenue of 300 million rupees ($3.68 million) last financial year, said it would report revenue of 3 billion rupees this year.
Series C funding rounds typically involve late-stage startups that require additional funds to develop and launch new products, expand or scale up manufacturing.
Sales of EVs are surging across the globe, with consultant AlixPartners expecting them to reach 33% globally by 2028 from less than 8% of global sales last year.
($1 = 81.4875 Indian rupees)
(Reporting by Praveen Paramasivam in Bengaluru; editing by Uttaresh.V and Anil D'Silva)