Euler Motors Secures ₹638 Crore in Series D Funding Led by Hero MotoCorp

Euler Motors, a Delhi-based electric commercial vehicle manufacturer, has successfully raised ₹638 crore (approximately $75 million) in its Series D funding round. The round was led by Hero MotoCorp, marking the two-wheeler giant’s strategic entry into the electric three- and four-wheeler market. Existing investor British International Investment (BII), the UK’s development finance institution, also participated in the round.

This latest infusion will be instrumental in expanding Euler Motors’ sales and service network while advancing new product development to accelerate India’s commercial EV adoption. The company plans to broaden its national footprint and enhance its offerings, including the HiLoad EV and the recently launched StormEV, India’s first light commercial four-wheeler equipped with Advanced Driver Assistance Systems (ADAS).

Founded in 2018 by Saurav Kumar, Euler Motors has seen strong adoption across the e-commerce, retail, and logistics segments. With this round, the company’s total capital raised stands at approximately ₹1,420 crore. Despite a more than threefold increase in operating revenue year-on-year to ₹189 crore in FY24 from ₹62 crore in FY23, the company posted a loss of ₹227 crore during the same period .