• Euler Motors raised ₹638 crore in its Series D round led by Hero MotoCorp, with participation from British International Investment.
  • The funding will support the expansion of its sales network and new product development to boost commercial EV adoption in India.

Delhi-based commercial EV manufacturer Euler Motors has raised ₹638 crore in a Series D funding round, with Hero MotoCorp leading the investment.

The round also saw continued backing from British International Investment (BII), the UK government’s development finance institution.

Euler Motors plans to use the funds to scale its operations, expand its sales and service network, and advance new product development.

The company emphasised that the fresh infusion would help accelerate India’s transition to electric mobility, particularly in the commercial vehicle segment.

Saurav Kumar, Founder and CEO of Euler Motors, stated,

“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.”

For Hero MotoCorp, the world’s largest two-wheeler manufacturer, the investment signifies a decisive move into the growing electric three and four-wheeler market. Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp, noted,

“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.”

Scaling Impact and Advancing Net Zero Goals

British International Investment’s Abhinav Sinha highlighted the partnership’s alignment with India’s climate goals.

“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,” he said. “Since our initial investment in 2023, Euler Motors have advanced e-mobility adoption and created better jobs.”

Founded in 2018, Euler Motors has emerged as a key player in the electric commercial vehicle segment.

Its product lineup includes the HiLoad EV, India’s most powerful electric three-wheeler, and the newly launched StormEV, the nation’s first ADAS-equipped four-wheeler light commercial vehicle.

Edited by Annette George