Euler Motors, a commercial electric vehicle manufacturer, said on Monday that it had secured Rs 120 crore in a fundraising round from a group of investors.

British International Investment (BII), the UK government’s development financing institution and impact investor, has committed to the current series-C extension round and is co-investing in the firm with Blume Ventures, according to a statement from Euler Motors.

As part of this financing round, the business stated it has also onboarded Green Frontier Capital, India’s first investment firm focusing on growing enterprises, as well as current investors.

The newly generated money from the present series-C extension round will be strategically spent to fuel Euler Motors’ pan-India development aspirations, as the firm expects to penetrate 40 cities by the end of the fiscal year 2023-24, according to a statement.

The extension round takes the tally of total investments to about Rs 690 crore, it said. “Euler Motors successfully raised Rs 120-crore in the ongoing series-C extension round,” the company said in the statement. “Euler Motors successfully raised Rs 120-crore in the ongoing series-C extension round,” the company said in the statement.

The new money, it claimed, would also allow the firm to strengthen its statewide service and charging network, facilitating the adoption of electric cars throughout the country. “The interest and commitment from our new investors, British International Investment & Green Frontier Capital along with continued support from our internal investors reaffirm our belief that we are on the right path,” said Saurav Kumar, Founder & CEO of Euler Motors.

This round was also attended by previous investors Athera Venture Partners, Alteria Capital, ADB Ventures, Blume Ventures, GIC Singapore, and QRG Holdings, according to the company. Euler Motors said that it intends to seek cash as required over the next year to carry out its objective to scale up production, presence, and services while focusing on the worldwide market.

We are delighted to work with Euler Motors on accelerating EV development in India, particularly in the commercial cargo transportation segment,” said Manav Bansal, Managing Director and Head of India at British International Investment. “This (commercial cargo transportation) segment is important, both for job creation and emission reduction. It is perfectly in line with our strategic objectives to promote productive, sustainable, and inclusive economic growth,” he added.

The “investment in Euler Motors signifies our profound faith in the transformative promise of sustainable technologies targeted from within the mobility sector,” according to Sandiip Bhammer, Managing Partner, Green Frontier Capital.