Euler Motors

Electrifying India’s Light Commercial Vehicle Fleets

PROBLEM:

Small commercial vehicles present a $7 billion opportunity in India alone. Electric Vehicle (EV)-friendly regulations and decreasing battery costs are now encouraging higher adoption in the country especially for the last mile which contributes a significant 30% to total logistics costs of companies.

SOLUTION:

Euler Motors manufactures two three-wheeler models (L3 and L5) that offers the lowest cost of mobility through a mobility-as-a-service model. Euler Motor’s vehicles are especially suited to the e-commerce, e-grocery, and third-party logistics sectors which traditionally have had high last-mile costs.

Euler has its first product successfully developed, tested, and deployed with significant supply chain and logistics companies. It still has a healthy order book from these companies as well which are all very eager to adopt more EVs. The company is in final stages of closing a follow‑on raise, and aims to produce at least 50,000 EV’s by 2025 to replace internal combustion engine vehicles resulting in 160,000 tonnes of CO2 avoided.

Euler has recently launched an updated version of its HiLoad three-wheeler with a 13 kWh battery, a 688 kg payload capacity, and greater range reaching up to 170 km¹ and opened four showrooms in the Delhi National Capital Region to respond to demand for commercial electric vehicles².

IMPACT THESIS:

Through this investment, ADB Ventures hopes to accelerate increased adoption of electric vehicles thus replacing internal combustion energy (ICE) vehicles for last mile logistics. ADB Ventures will also help the company expand into other markets in developing Asia.