The deal is set to increase MoEVing's fleet by 30%, adding 300 L5 three-wheeled motor vehicles to its current lineup, bringing the total fleet count to 1,400 L5 vehicles.
The funding supports Euler Motors' mission to electrify India's commercial vehicle sector by scaling production, advancing next-gen EV R&D, and boosting growth of the Storm EV for logistics and e-commerce.
It has come up with innovations and advanced features in the LCV that are one of a kind in this segment. However, there is a long way to go in terms of competition with other established brands, Euler's brand awareness in the country, and profitability.