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Updated On: 19-May-2025 09:43 AM
Euler Motors raised ₹638 crore in Series D round, with Hero MotoCorp joining to boost EV expansion and product innovation.
Euler Motors raises ₹638 crore in Series D funding
Hero MotoCorp joins as new strategic investor
British International Investment continues support
Funds to expand EV sales, service, and product lineup
Total funding raised by Euler now ₹1,420 crore
Electric commercial vehicle maker Euler Motorshas successfully closed its Series D funding round, raising a significant ₹638 crore. The funding was led by Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters. The round also saw continued participation from British International Investment (BII), the UK’s development finance institution.
This funding is expected to boost Euler Motors expansion across India, strengthen its sales and service network, and support the development of new electric vehicle (EV) products.
Hero MotoCorp's entry marks a strong strategic move, allowing the automotive giant to tap into the fast-growing electric three-wheeler and four-wheeler market in India.
Dr. Pawan Munjal, Executive Chairman of Hero MotoCorp, said:
“This strategic investment in Euler reinforces our commitment to accelerated growth through both organic and inorganic expansion. It also highlights our belief in sustainable and customer-centric mobility. This partnership helps Hero enter the electric commercial vehicle segment and unlock new business opportunities.”
Euler Motors plans to utilize the new funds to scale its operations rapidly, expand its dealership and service footprint, and invest in new product development. The company aims to lead India’s commercial EV transition by offering high-performance and innovative vehicles.
Saurav Kumar, Founder & CEO of Euler Motors, stated:
“We are excited to welcome Hero MotoCorp as a strategic investor. This partnership reflects strong confidence in Euler’s products and India's EV future. With the fresh capital and support from both new and existing investors, we will accelerate growth and get closer to becoming India’s No. 1 commercial EV brand.”
Euler’s growth continues to receive support from its long-term backers. BII, which first invested in Euler Motors in 2023, continues its commitment to supporting clean mobility in India.
Abhinav Sinha, Managing Director at BII, said:
“We are pleased to deepen our partnership with Euler Motors. Since our first investment, the company has helped advance EV adoption and created better job opportunities. This aligns with our goal to support India’s net zero target and drive impactful growth in a vital sector.”
Euler Motors is already making waves with its product lineup. Its HiLoad EV is India’s most powerful electric three-wheeler. The company also recently launched StormEV, India’s first four-wheeler Light Commercial Vehicle equipped with ADAS (Advanced Driver Assistance Systems).
These innovations are helping the company grow its presence across sectors like e-commerce, logistics, and retail.
With this Series D round, Euler Motors has now raised around ₹1,420 crore in total. Some of the company’s major investors include:
Blume Ventures
Athera Partners
Asian Development Bank Ventures
Piramal Alternatives India Access Fund
Euler Motors successful Series D funding round of ₹638 crore, led by Hero MotoCorp and supported by BII, marks a major milestone for the electric vehicle startup. The fresh capital will be used to strengthen nationwide operations and bring advanced commercial EVs to the Indian market. With this move, Euler Motors is strongly positioning itself to lead India’s transition to sustainable and commercial electric mobility.