Exclusive: Euler Motors’ valuation remains flat in Series D round
Summary
Commercial electric vehicle manufacturer Euler Motors is raising Rs 638 (around $75 million) crore in its Series D round led by Hero MotoCorp. The company has already announced a $60 million investment from Hero MotoCorp, and the round is expected to see further participation from other existing investors.While the investment will provide a much-needed breather for Euler, which has been seeking funds for some time, the Delhi-based company will have to settle for a flat valuation in this round.To delve deeper into Eulers latest funding round, Entrackr has reviewed the companys regulatory filings to uncover details such as the rounds breakdown, shareholding structure, and current valuation.The board at Euler Motors has passed a special resolution to approve the issue of 8,33,047 Series D Cumulative Compulsorily Convertible Preference Shares and 10 equity shares at an issue price of Rs 7,659 to raise Rs 638 crore or $75 million.Hero Motocorp led the round with an investment of Rs 510 crore ($60 million) whereas British International Investment and Caladium Investment (GIC) will contribute Rs 96 crore ($11.3 million), Rs 32 crore ($3.76 million), respectively.As per Entrackrs estimates, the Saurav Kumar-led company is expected to be valued at approximately Rs 1,497 crore ($176 million) post-allotment, reflecting a flat valuation compared to the previous round.According to startup data intelligence platform TheKredible, Euler Motors has raised around $128 million prior to this round including debt and equity. It has been the same story in the electric version, with nothing like the horde that entered the two wheeler space hoping to strike it big. That explains the continued interest from Hero MotoCorp, albeit at the flat valuation to reflect the rising challenges or Eulers present situation. With EV mandates only spreading faster to more and more states and some of the biggest buyers known to be open to a better deal, Euler certainly has a better than even chance of gaining further traction and enjoying a good ride.