In a significant boost to India's startup ecosystem, companies across sectors have collectively raised $232 million this week, with notable investments in electric vehicles (EVs) and cybersecurity.
Euler Motors Accelerates with $24 Million Funding
Delhi-based electric commercial vehicle manufacturer, Euler Motors, has secured ₹200 crore (approximately $24 million) in an extended Series C funding round. The investment was led by Piramal Alternatives India Access Fund, with participation from existing backers British International Investment and Blume Ventures.
This latest infusion brings Euler's total Series C funding to ₹570 crore ($68 million). The company plans to utilize the funds to expand its presence to over 40 cities by FY25, enhance its service infrastructure, and accelerate product development. In FY24, Euler sold 3,700 vehicles and expanded operations from 5 to 22 cities.
CloudSEK Fortifies Cybersecurity with $19 Million Raise
Bengaluru-based cybersecurity firm, CloudSEK, has raised $19 million in a funding round led by Tenacity Ventures and Commvault. Other participants include Inflexor Ventures, MassMutual Ventures, and Prana Ventures.
The funds will support CloudSEK's growth and innovation in predictive threat analysis, bolstering its position in the cybersecurity landscape.
Diverse Sectors Attract Investor Interest
Beyond EVs and cybersecurity, the week's funding activity spanned various sectors, reflecting investor confidence in India's diverse startup landscape. While specific details on other startups were not disclosed, the collective $232 million raised underscores the robust investment climate.
The surge in funding highlights the growing emphasis on sustainable transportation and digital security, aligning with global trends and domestic priorities.