In April 2023, Delhi-based electric vehicle startup Euler Motors laid off approximately 10% of its workforce, affecting around 50 employees out of a total of 500, as part of a restructuring effort. The company, which had raised $60 million in a Series C round led by GIC Singapore in late 2022, cited the need for a course correction amidst a challenging funding environment. Despite reporting strong year-on-year growth and a solid product order book, Euler Motors aimed to trim costs and improve financial sustainability, having seen its losses nearly double in the previous fiscal year. The layoffs reflect a broader trend among startups striving for profitability while scaling operations, with Euler targeting significant sales and production increases in the coming fiscal periods.
