Euler Motors Raises Rs 638 Cr In Series D Round Led By Hero MotoCorp

Euler Motors, a commercial electric vehicle manufacturer has raised Rs 638 crore (approximately $75 million) in its Series D funding round led by Hero MotoCorp.

The round also saw participation from existing investor British International Investment (BII), the UK’s development finance institution.

The fresh proceeds will help the company grow its sales and service network and develop new products to speed up the use of electric commercial vehicles in India.

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“With this fresh capital and strategic backing from new and existing investors, we are poised to accelerate our scale, continue innovating to deliver superior products, and come a few steps closer towards becoming India’s No. 1 commercial EV brand,” said Saurav Kumar, Founder and CEO, Euler Motors.

“As we strengthen and diversify our presence in the emerging mobility landscape, this investment allows Hero MotoCorp to venture into a rapidly growing electric three and four-wheeler market, while unlocking adjacent business opportunities and continuing to cement its leadership in the future of sustainable mobility,” said Pawan Munjal, Executive Chairman of Hero MotoCorp.

With this funding round, the company has raised around ₹1,420 crore so far.

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In January, the commercial EV company got up to $20 million in debt from responsAbility Investments AG to boost production, distribution, and R&D.

This came after it closed its Series C round, raising another ₹200 crore from investors like British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund.

Launched in 2018, Euler Motors is a startup that makes electric three-wheelers for commercial use. The company says its vehicles are popular in e-commerce, retail, and logistics, with a growing customer base.

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