The company, based in Delhi, recorded a 250% annual increase in operational revenue, reaching Rs 61.53 crore, as per its financial statements submitted to the Registrar of Companies.
Euler Motors, a producer and vendor of three-wheeled electric commercial vehicles, experienced a significant increase in net loss to INR 175 crore in fiscal 2023, up from INR 36 crore the prior year. The fiscal year ending March 31 saw the company spending about four times its operational revenue.
Euler Motors, headquartered in Delhi, saw a 250% increase in its operational revenue, reaching INR 62 crore, as revealed in its financial statements to the Registrar of Companies. The company’s expenses grew notably in warranty, rent, employee salaries, and research during its expansion in FY23. The major expense for the company was the cost of materials, which surged to INR 68 crore from INR 9 crore in FY22, pushing total expenses to INR 240 crore in FY23.
In 2022, the prices of lithium-ion battery packs, crucial for electric vehicle makers, rose significantly for the first time in a decade, driven by heightened demand for EVs and energy storage. However, prices declined in 2023. On November 6, it was reported that Euler Motors raised INR 120 crore at a lower valuation than its previous funding round. The company aimed for an annual revenue of INR 200 crore for the current financial year.
Saurav Kumar, the CEO of Euler Motors, stated that the new funds would support expansion to 40 cities by the end of FY24, enhance the charging network, and cover operational costs. In FY23, the company’s rent expenses increased to INR 11 crore, up from INR 1.41 crore the previous year, due to nationwide expansion. The INR 120-crore funding, part of its Series C round, attracted new investors like British International Investment and Green Frontier Capital, alongside existing ones like Blume Ventures and GIC Singapore.
Government portal Vahan data shows Euler Motors sold 883 vehicles in FY23, up from 341 in FY22. So far in the current fiscal year, the company has sold 1,880 vehicles. In April, the company laid off about 250 staff, primarily in sales and research. Employee benefit expenses in FY23 rose over 350% year-on-year to INR 56 crore.
