India, March 4 -- New Delhi-based electric vehicle (EV) startup Euler Motors has raised INR 30 Cr ($4.1 Mn) as a part of its ongoing Series A round led by existing investor Inventus India and Jetty Ventures. Growth Story's Srinivas Anumolu and K Ganesh also participated in the round, along with Udaan's Sujeet Kumar.

Euler Motors had raised INR 20 Cr (INR 2.7 Mn) in Series A last May to launch its three-wheeler EV for commercial logistics by the end of 2020. However, the company had to postpone the launch due to Covid-19 slowdown. The company has now decided to launch the vehicle in the first quarter of FY2021.

The EV startup was launched in 2018 by Saurav Kumar. It plans to use the funding to build a new production facility, research an...