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Two-wheeler manufacturer Hero MotoCorp announced that it will invest up to Rs 525 crore in electric three-wheeler maker Euler Motors.
In an exchange filing, Hero MotoCorp said its board has approved acquiring a significant stake in Euler Motors through a mix of primary and secondary investments.
Hero MotoCorp will buy equity shares and Series D preference shares, securing about a 32.5% stake on a fully diluted basis as part of the deal. It may also purchase shares from existing investors as part of the Rs 525 crore investment.
The transaction is expected to be completed by April 2025. Hero MotoCorp said this investment will strengthen its presence in the growing electric three-wheeler market.
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“This investment reinforces our commitment to accelerated growth through both organic and inorganic expansion, while highlighting the power of collaboration and adaptability in an ever-evolving market,” said Pawan Munjal, executive chairman of Hero MotoCorp.
Hero MotoCorp said the investment will help it enter the fast-growing electric three- and four-wheeler market, explore new business opportunities, and strengthen its position in sustainable mobility.
In January 2024, Euler Motors secured $20 million in debt from responsAbility Investments AG to boost production, expand its distribution and improve R&D.
About Euler Motors
Founded in 2018 by Saurav Kumar, Euler Motors makes and sells electric three-wheelers.
Euler Motors operates in over 30 cities across India and runs 500+ charging hubs in Delhi NCR, Hyderabad and Bengaluru.
Supported by investors like Blume Ventures, Asia-Pacific Strategic Investments and British International Investment (BII), the company has raised over $93 million so far.
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