Euler Motors, a leading manufacturer of electric commercial vehicles, has announced the successful closure of its Series D funding round, raising a total of Rs 638 crore. The investment round was led by Hero MotoCorp, the world's largest manufacturer of motorcycles and scooters, with continued support from existing investor British International Investment (BII), the UK's development finance institution.
This fresh infusion of capital will support Euler Motors in expanding its sales and service network across India and advancing new product development to accelerate the adoption of electric commercial vehicles in the country.
The investment comes at a pivotal time as Euler Motors scales operations and strengthens its leadership in the commercial EV space. The company has seen robust adoption across e-commerce, retail, and logistics segments, with a strong portfolio of high-performance electric vehicles — including the HiLoad EV, India's most powerful three-wheeler, and the recently launched StormEV, the country's first ADAS-equipped four-wheeler light commercial vehicle.
Saurav Kumar, Founder & CEO, Euler Motors, said, "We are thrilled to welcome Hero MotoCorp as a strategic investor. This is a strong endorsement of both India's commercial electric mobility future and our journey at Euler Motors. With this fresh capital and strategic backing from our new and existing investors, we are well-positioned to scale further, drive innovation, and move closer to becoming India's No. 1 commercial EV brand."
Dr Pawan Munjal, Executive Chairman, Hero MotoCorp, added,"Our investment in Euler Motors reaffirms our commitment to rapid growth through both organic and inorganic means, and underscores the value of collaboration in a dynamic market. As we broaden our presence in the evolving mobility ecosystem, this strategic move enables us to tap into the fast-growing electric three- and four-wheeler space and explore new business opportunities aligned with sustainable mobility."
Abhinav Sinha, Managing Director and Head of Technology, Telecoms and Sustainable Industrials, BII, said, "We are pleased to strengthen our partnership with Euler Motors as it scales its operations and introduces next-generation EVs to more users across India. Since our initial investment in 2023, the company has made significant progress in advancing e-mobility and creating quality employment. This aligns with our mission to support India's net-zero goals and deliver scalable impact in sectors that are vital for economic and environmental sustainability."
Other notable investors in Euler Motors include Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund. With this round, the company has raised approximately Rs 1,420 crore to date.
