Source: Blume Ventures
The Electric vehicle (EV) manufacturer Euler Motors has raised ₹638 crore in its latest Series D funding round, led by Hero MotoCorp, in addition to British International Investment (BII), a government backed development finance institution based in the UK. The company revealed the news on Monday. Euler Motors stated that the funds would be used to expand its sales and service network and for the production of new electric vehicles. The company wants to accelerate the use of electric vehicles in the commercial sector throughout India.
“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 of Euler Motors. With this new investment, Euler Motors has raised a total of about ₹1,420 crore since its founding.
Hero MotoCorp’s investment in Euler Motors is part of its plan to enter the growing electric three-wheeler and four-wheeler market. “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,” said Pawan Munjal, Executive Chairman of Hero MotoCorp.
Euler Motors has established itself in 2018 and has a 3-wheeler HiLoad EV electric cargo vehicle. It was adopted in urban logistics and has been ridden over 45 million kilometers. Euler is currently working in 30+ cities and has 500+ charging hubs in Delhi NCR, Bengaluru, and Hyderabad. Other key investors in Euler Motors include Asian Development Bank Ventures and Athera Partners.
Earlier this year, in January 2025, Euler Motors also raised up to $20 million in debt from Swiss impact investment firm responsAbility Investments AG. The funds will be used to increase production, advance research and development, and expand the company’s distribution network.
Before that, Euler had closed its Series C fundraising round where it raised ₹200 crores from BII, Blume Ventures, and Piramal Alternatives India Access Fund. This round was targeting the development of the company’s 4-wheeler model, Storm EV, which is being developed for logistics and e-commerce clients.
