EV maker Euler Motors and energy service firm Smart Joules raise funding from ADB Ventures

Asian Development Bank’s new venture arm ADB Ventures, which invests in technology startups disrupting traditional sectors in the Asia Pacific, has made its first investments into the Indian startups Euler Motors and Smart Joules.

March 18, 2021 Uma Gupta

Image: Flickr/Gopal Vijayaraghavan

India’s electric mobility firm Euler Motors and energy service company Smart Joules—both based in Delhi—are the recipients of ADB Ventures’ first investments. ADB Ventures is the Asian Development Bank’s (ADB) new venture arm that invests in early-stage technology companies addressing urgent development challenges in emerging Asia and the Pacific.

Euler Motors has raised $9.4 million in Series A funding with ADB Ventures, Blume, Inventus, and other investors. The electric vehicle manufacturer and fleet operator, focused on last-mile commercial logistics, will use the funds for the upcoming launch of its three-wheeler cargo vehicle this year, and support market expansion in India to cities like Bengaluru, Kolkata, Ahmedabad, and Pune – in addition to Delhi-NCR.

Euler Motors has a full-stack ecosystem approach towards making commercial EV mainstream and enabling seamless customer adoption. Since its inception, Euler Motors has established a network of 100+ charging infrastructure in Delhi-NCR that can charge 200-plus electric vehicles at any given point. It has deployed over 250 vehicles across e-commerce and third-party logistics companies to fulfill last-mile intra-city delivery requirements.

Smart Joules has raised $4.1 million in its Series A financing led by ADB Ventures and Sangam. Max I. Limited and other angel investors also participated in this round.

Smart Joules provides energy efficiency-as-a-service for large hospitals and commercial buildings. It offers capital expenditure (CapEx)-free retrofits by improving the overall design of energy-intensive systems like cooling, heating, compressed air, and steam in commercial and industrial facilities and replacing aging energy-intensive equipment with energy-efficient equipment. Their DeJoule technology platform then utilizes sensors and IoT controllers to track and control each equipment and optimize overall facility performance in real-time using data. This technology allows Smart Joules to guarantee its clients 15% energy savings.

Smart Joules will deploy the invested funds to strengthen its energy management team, enhance its digital technology platform, expand its presence across hospitals and scale its cooling-as-a-service offering for commercial buildings and industries with heavy air conditioning loads such as pharmaceuticals and data centers.

The investments in Euler Motors and Smart Joules were made by the ADB Ventures Equity Fund, which is ADB Ventures’ first investment fund.

“ADB Ventures will spur high-impact cleantech, agritech, fintech, and healthtech innovations in developing Asia with its ecosystem building. Our vision is to crowd-in $1 billion of commercial investment towards the Sustainable Development Goals by 2030,” said ADB vice-president Ashok Lavasa.

The ADB Ventures Equity Fund received $60 million in funding commitments in 2020 from Finland’s Ministry for Foreign Affairs, the Government of the Republic of Korea, Climate Investment Funds’ Clean Technology Fund, and the Nordic Development Fund. The Fund focuses on climate and gender impact in South and Southeast Asia.

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