Euler Motors Raises Rs 638 Crore In Series D Funding Round

Euler Motors, an electric commercial vehicles manufacturer, has closed its Series D funding round, raising a total of Rs 638 crore. The fund infusion is led by Hero MotoCorp 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 and strengthening its leadership in the commercial EV segment. The company 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 and the recently launched StormEV.

“With this fresh capital and strategic backing from new & 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.

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 Rs 1,420 crore to date.

Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp, said, “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, “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.”