In October 2022, GIC led a $60 million investment that was acquired by commercial electric vehicle company Euler Motors. Even though the five-year-old company would release its FY23 financial results before this funding took effect, Euler increased its scale by 60% in FY22.
According to Euler Motors’ annual financial statement filed with the RoC, their gross revenue increased to Rs 17.6 crore in FY21 from Rs 11 crore the previous year.
Euler primarily generates revenue by offering logistics services to private consumers and business clients using electric vehicles. In FY22, revenue for this sector rose 12.2% to Rs 10.1 crore.
Additionally, the business produces and distributes electric vehicles, batteries, charging stations, and accessories, and sales of these items increased by about 2.5X, from Rs 2.05 crore in FY21 to Rs 5.08 crore in FY22. In the fiscal year that ended in March 2022, it also made Rs 2.35 crore in finance income, bringing its total revenue to Rs 19.93 crore.
Employee benefits made up 22% of total expenses, which more than doubled to Rs 12.37 crore in FY22, while material costs increased by 2.8X to Rs 9.95 crore. Payments made to contracted organisations for drivers for e-loaders increased by 26.7% to Rs 8.83 crore throughout the course of the year.
In addition, expenses for rent, advertising, and promotion totaled Rs. 4.33 crore, Rs. 1.15 crore, and Rs. 2.24 crore, respectively. From Rs 30.4 crore in FY21 to Rs 56.6 crore in FY22, the company’s overall expenses increased by 86%.
Euler’s losses increased by about 90% to Rs 36.3 crore in FY22 compared to Rs 19.14 crore in FY21 as a result of the increase in expenses. Its operating cash outflows over the same period were Rs 68.5 crore.
Euler spent Rs. 3.22 for every rupee of operating income on a per-unit basis. Their balance sheet at the end of FY22 shows Rs 10 crore in inventories and Rs 66 crore in cash and cash equivalents.
By the conclusion of the current fiscal year, the company hopes to sell around 5,000 vehicles (FY23). The founder and CEO of Euler, Saurav Kumar, recently made a statement to Entrackr stating that the company has started retail deliveries this year and intends to increase its production capacities to 1,000 units per month in the upcoming fiscal year.
To far, Euler Motors has funded more than $75 million, including a $60 million Series C financing that was headed by GIC Singapore. In October 2022, Entrackr was the only outlet to report entirely on the fundraising.