Euler Motors Layoffs
April 2023
Euler Motors announced a layoff affecting 0 employees (10% of its workforce) in April 2023. The company operates in the Transportation sector.
0
10%
Apr 11, 2023
Company Information
- Industry
- Transportation
- Country
- IN
- Region
- New Delhi, Non-U.S.
About
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.
Source
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support@layoffs.nlCompany Information
- Industry
- Transportation
- Country
- IN
- Region
- New Delhi, Non-U.S.