Euler Motors raises INR 638 crore in Series D funding round • EVreporter

Euler Motors, an original equipment manufacturer of electric commercial vehicles, has completed its Series D funding round, raising INR 638 crore. The round was led by Hero MotoCorp, with participation from existing investor British International Investment (BII), the UK’s development finance institution. The capital will be used to expand the company’s sales and service network and support product development.

Other investors in 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 INR 1,420 crore to date.

The company’s vehicles are currently deployed across the ecommerce, retail, and logistics sectors. Its product portfolio includes the HiLoad EV, a three-wheeler, and the StormEV, a four-wheeler light commercial vehicle equipped with Advanced Driver Assistance Systems (ADAS).

“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 & 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.

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.”

Also read: Euler Motors closes Series C funding round, raises additional INR 200 crore