The new age e3W manufacturer, Euler Motors, announced that it plans to expand its footprint in 12 new markets in the next fiscal year, including key delivery hubs like Bangalore, Chennai, Chandigarh, Jaipur, Hyderabad and Kolkata, among others.
A communication from the company said that these deployments will span across in next 18 months with the company’s aim to capture around 20% market share by 2025, it added.
Additionally, the company has plans to deploy 8,500 units of HiLoad on the road by the end of FY23. It recently announced an outlay of INR 200 crore towards Capex to increase production up to 35,000 units per annum. These investments will come via the ongoing series B and debt fundraise in this fiscal. The company plans to raise $ 50 million in 2022, the release added.
With a client base consisting of Flipkart, BigBasket, Udaan and MoEVing, it has raised $ 21.6 million to date. For this year, EV maker plans to develop its manufacturing in Delhi-NCR.