Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, ADB Ventures and New Delhi-based startup Moglix joined the round, Euler said on Tuesday.

Euler will use the funds to boost its manufacturing and supply chain infrastructure, accelerate product development, and increase talent across key functions. The company will also invest in expanding its distribution network and building its brand.

“This investment will fuel our ambition to establish Euler Motors as a front-runner to drive the electrification of commercial mobility in India,” said founder and CEO Saurav Kumar.

The company raised about US$4 million as part of its Series A funding round led by existing investors Inventus India and Jetty Ventures in March last year. In November, it raised US$10 million as part of its Series B round led by QRG.

Last year, Euler Motors launched HiLoad EV in the three-wheeler cargo segment. The company aims to have 5,000 units on the road by fiscal 2023.