Euler Motors raises ₹638 crore in funding led by Hero MotoCorp

Electric commercial vehicle startup Euler Motors on Monday announced the closure of its Series D funding round, raising a total of ₹638 crore. The fund infusion is led by Hero MotoCorp , the country’s largest manufacturer of motorcycles and scooters by volume, along with participation from existing investor British International Investment (BII), the UK’s development finance institution. This latest infusion will be instrumental in expanding the company’s sales and service network while advancing new product development to accelerate India’s commercial EV adoption.

The investment comes at a time when Euler Motors is rapidly scaling its operations. The company has seen strong adoption across e-commerce, retail and logistics segments, backed by a growing portfolio of electric vehicles including the HiLoad EV and the recently launched StormEV, the country’s first ADAS-equipped four-wheeler Light Commercial Vehicle.

Some of the key investors at Euler Motors include Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund. With this round, Euler Motors has raised approximately ₹1,420 crore to date.

In March, Hero MotoCorp said it will acquire a significant stake in electric vehicle startup Euler Motors for ₹525 crore. This marks the Gurugram-based company’s foray into commercial vehicles.

“We are excited to welcome Hero MotoCorp as a strategic investor in Euler Motors. This is a strong vote of confidence both in India’s commercial electric mobility future and in Euler Motors’ execution and products. 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 and CEO, Euler Motors.

The strategic investment in Euler reinforces Hero MotoCorp's 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, Hero MotoCorp.

“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,” Munjal said.

Founded in 2018, Euler Motors is focused on electric commercial vehicles for last-mile cargo delivery. Euler has a manufacturing facility in Palwal, Haryana. In FY24, the company sold 3,700 electric three-wheelers and expanded its presence from 5 to 22 cities. The company says its plant, built with an investment of ₹100 crore, has a production capacity of 36,000 vehicles annually.

“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,” said Abhinav Sinha, Managing Director and Head of Technology, Telecoms and Sustainable Industrials, British International Investment.