Electric three-wheeler startup Euler Motors said it is scouting for new partners and is looking to raise funds to support its business, denying selling its mobility business operations to anyone, Saurav Kumar, Founder and CEO, Euler Motors, told ETAuto.
Media outlets last week reported that Singapore’s sovereign wealth fund GIC-backed Euler Motors was exploring options to sell its mobility business arm.
“At the forefront of the commercial EV manufacturing revolution, Euler Motors stands as a dynamic and growing company. To further catalyze growth, Euler Motors continuously endeavors to onboard new partners, raise funds and keep on with its journey towards transforming the face of commercial mobility in India,” Kumar said while replying to ETAuto’s query on media reports.
“At this juncture, Euler Motors is firmly committed to each of its business lines and is not in any discussion to withdraw from any specific business or operations. As such, Euler Motors does not entertain speculations around any change in its operational outlook, as it remains focused on driving the growth and success of both its entities,” he added.
The reports added that the company was looking to sell over 250 vehicle assets. It also saw exits of several key executives.
Euler Motors Pvt. Ltd, that manufactures and sells vehicles to retail and institutional customers in addition to building supportive infrastructure has also a Mobility business with a different entity, that provides vehicles as a service to only select few customers.
As per data sourced from Crunchbase, a leader in private company data, Euler has raised USD 92 million in its seven rounds till now.
In April, the company laid off 250 employees to restructure it and to create efficiencies. “We are restructuring our company to better deliver to customers as well as to investor expectations of greater efficiency in the context of changing global circumstances,” a company spokesperson had said in a statement then.
