Commercial EV maker Euler Motors raises Rs 638 crore in a funding round led by Hero MotoCorp

Euler Motors, a manufacturer of electric commercial vehicles, today announced the closure of its Series D funding round, raising a total of Rs 638 crore. The funding round was led by Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, along with participation from existing investor British International Investment (BII), the UK’s development finance institution. 

The company said the latest infusion will be instrumental in expanding its sales and service network while advancing new product development to accelerate India’s commercial EV adoption.

Increased market adoption

Founded in 2018, Euler Motors is an automotive OEM focused on electric commercial vehicles. The company is developing and deploying innovative technology solutions to democratize a swift EV transition, building EVs that are designed for India, from India. 

The investment comes at a time when Euler Motors is rapidly scaling its operations and strengthening its leadership in the commercial EV segment. The company claims it has seen strong adoption across e-commerce, retail and logistics segments, backed by a growing 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.

“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 & CEO, Euler Motors.

Investors comment

Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp, said, “The strategic investment in Euler 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. As a global automotive leader, Hero MotoCorp is driven by sustainability, innovation and customer-centric progress. 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.”

Abhinav Sinha, Managing Director and Head of Technology, Telecoms and Sustainable Industrials, British International Investment, said, “We are pleased to deepen our partnership with Euler Motors as it scales its operations and brings next-generation EVs to more people in India. Since our initial investment in 2023, Euler Motors have advanced e-mobility adoption and created better jobs. This aligns closely with our ambition to support India’s net zero emissions target and enables us to drive scalable impact in a sector vital to both economic growth and environmental progress.”