Indian electric commercial vehicle manufacturer has laid off approximately 200 employees, six months after raising $60 million in its Series C funding round. This makes Euler the third electric vehicle (EV) start-up to cut jobs this year, following Bounce and OLA, who both laid off staff in January.
Euler said it laid off 10 per cent of its employees, citing restructuring to better deliver to customers and investor expectations of greater efficiency in the context of changing global circumstances. Sources claim that the roles severed were largely related to sales and research and development (R&D).
Euler Motors’ layoff comes on the heels of the launch of its new vehicle. The start-up announced the launch of its advanced version of HiLoad EV 2023, which it claims to have the highest battery pack and range in the three-wheeler cargo segment. Euler has sold 1,542 vehicles since its launch in 2018, according to Vahan data. More than 3 million commercial three-wheeler vehicles have been sold since 2018.
Euler Motors, which competes against established automakers like Mahindra and Mahindra and Piaggio as well as start-ups like Altigreen, had raised $60 million in funding last October led by Singapore’s sovereign wealth fund GIC. Other investors included Moglix, Blume Ventures, Athera Venture Partners, QRG Holdings, and ADB Ventures. As per the company’s LinkedIn page, Euler Motors has over 500 employees in the start-up. However, according to sources, the number of impacted employees stands at around 200.