After recently raising $60 million in a Series C funding round, Euler Motors, a startup that manufactures electric commercial vehicles, has let go hundreds of people from its workforce.
Reports say about 200 of its 500-strong staff have been asked to leave.
Euler is not the first electric vehicle (EV) manufacturer to reduce its workforce size in 2023. The company maintains that this is part of a restructuring exercise, which has impacted about 10 per cent of its workforce.
The move, it is expected, will help improve the efficiency of the company and cut down costs in a volatile market which is facing a funding winter.
Most of the laid off employees belong to the sales team and the research and development (R&D) wing.
The EV firm had recently announced that it would be rolling out a more enhanced version of its HiLoad EV 2023. Thanks to the improvements in design, the new HiLoad will weigh less, with an overall weight reduction of 30kg, which increases its operational efficiency. The Company is aiming for sales of more than 6000 units in FY2024.
In October 2022, Euler had managed to raise funds worth $60 million, led by Singapore-based GIC. Other investors who participated in that funding round included Blume Ventures, QRG Holdings, Athera Venture Partners, Moglix and ADB Ventures.
Since its launch about five years ago, the startup has managed to sell 1,542 vehicles, as per some media reports.
