Electric commercial vehicle maker Euler Motors lays off 250 employees

Electric commercial vehicle maker Euler Motors, which is backed by Singapore's sovereign wealth fund GIC, has laid off around 250 employees, according to sources, even as it works towards ramping up production.

The job cuts, which make the New Delhi-based startup the second electric vehicle (EV) maker in the country to reduce workforce this year after Bounce, were mostly related to sales and research and development, the sources said.

A spokesperson for Euler confirmed the development. The company is restructuring "to better deliver to customers as well as to investor expectations of greater efficiency in the context of changing global circumstances", the spokesperson said in an emailed response.


The development comes at a time when securing funds has become difficult for startups across sectors amid rising interest rates in the US. The drying up of funds is forcing startups to cut costs, shelve new projects and focus on the existing lines of business.

The Euler spokesperson said, "Our decision to restructure, however, meant that we had to part with approximately 10% of our employees, many of whom have made invaluable contributions to our growth. Needless to say, we have provided appropriate severance and support and remain grateful for their contribution to the brand."