Euler Motors, a prominent manufacturer of electric commercial vehicles, has successfully closed its Series D funding round, securing INR 638 crore. The investment is led by Hero MotoCorp, the world’s largest producer of motorcycles and scooters, with additional support from existing investor British International Investment (BII), the UK’s development finance institution. This funding will help Euler Motors expand its sales and service network while driving product innovation to further accelerate the adoption of commercial electric vehicles (EVs) in India.
The investment comes at a pivotal moment as Euler Motors is scaling its operations, consolidating its position as a leader in India’s commercial EV sector. The company has gained significant traction in sectors such as e-commerce, retail, and logistics, bolstered by a portfolio of high-performance EVs, including the HiLoad EV—India’s most powerful electric three-wheeler—and the newly launched StormEV, India’s first ADAS-equipped light commercial vehicle.
Saurav Kumar, Founder & CEO of Euler Motors, expressed enthusiasm about the investment: “We are thrilled to have Hero MotoCorp on board as a strategic investor. This investment not only signals confidence in Euler Motors but also in the future of India’s commercial electric mobility market. With this funding, we are set to accelerate our growth, innovate further, and move closer to our goal of becoming India’s No. 1 commercial EV brand.”
Dr Pawan Munjal, Executive Chairman of Hero MotoCorp, commented, “Our investment in Euler Motors reflects our ongoing commitment to growth through both organic and strategic partnerships. By entering the electric three- and four-wheeler markets, we’re positioning Hero MotoCorp to lead in the future of sustainable mobility. This collaboration underscores the importance of innovation and adaptability in the rapidly evolving automotive landscape.”
Abhinav Sinha, Managing Director of British International Investment, added, “We are pleased to deepen our partnership with Euler Motors as they continue to scale and bring next-generation EVs to the Indian market. Since our initial investment in 2023, Euler Motors has advanced e-mobility adoption and created new job opportunities. This aligns perfectly with our vision to support India’s net-zero emissions goal and drive impactful growth in a key sector for economic and environmental progress.”
Notable investors in Euler Motors also include Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund. With this latest round, Euler Motors has raised approximately INR 1,420 crore to date.
Founded in 2018, Euler Motors is an electric vehicle (EV) manufacturer focused on transforming India’s commercial mobility landscape. The company designs and builds high-quality electric vehicles tailored for Indian roads and businesses, creating alternatives to traditional mobility options. Euler Motors is committed to driving the mass adoption of EVs in India with innovative solutions that meet the unique needs of industries like e-commerce, logistics, and third-party logistics (3PL).
