Electric commercial vehicle manufacturer Euler Motors has raised INR 638 crore (approximately $75 million) in its latest Series D funding round. The round was led by India’s two-wheeler giant Hero MotoCorp, with significant participation from existing backer British International Investment (BII). This substantial investment marks a key milestone in Euler Motors’ journey toward scaling its operations and strengthening its position in India’s rapidly growing electric vehicle (EV) market.
Founded in 2018 by Saurav Kumar, Delhi-based Euler Motors is a full-stack original equipment manufacturer (OEM) specializing in electric three-wheelers. The company focuses on building and delivering electric commercial vehicles that cater to sectors like logistics, ecommerce, and urban mobility. Over the past few years, Euler Motors has emerged as a key player in the EV commercial segment, offering energy-efficient and eco-friendly alternatives to conventional fuel-based delivery fleets.
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According to Kumar, the newly raised capital will be utilized for two primary purposes: product development and network expansion. With electric mobility rapidly becoming mainstream in India, Euler Motors plans to leverage this funding to enhance its R&D capabilities, build more advanced EV models, and improve battery technology and vehicle performance. Additionally, the company aims to scale its presence by expanding its distribution and service network to 80 cities across the country.
This funding round underlines growing investor confidence in India’s electric vehicle ecosystem, particularly in the commercial space. Hero MotoCorp’s strategic investment signals the increasing interest of traditional automobile manufacturers in EV startups that are already establishing market traction. BII’s continued support also reflects the long-term potential that international investors see in India’s clean mobility sector.
Euler Motors has made significant strides in solving last-mile delivery challenges by offering EVs that are not only cost-efficient but also sustainable. Its flagship three-wheeler electric cargo vehicle, Euler HiLoad EV, is designed to meet the needs of logistics operators and ecommerce companies, offering high payload capacity, long battery life, and low operational costs. The company also provides end-to-end services including vehicle financing, maintenance, and charging infrastructure, creating a complete ecosystem for commercial EV adoption.
As India pushes forward with its ambitious clean energy goals and tighter emissions regulations, the role of electric commercial vehicles is becoming increasingly vital. Euler Motors is well-positioned to tap into this opportunity, and with fresh funding, it can further accelerate the electrification of last-mile logistics in the country.
With plans to scale to 80 cities and enhance its product offerings, Euler Motors is charting a clear path toward becoming a leading name in the Indian electric commercial vehicle market. Backed by strong investor support and a clear mission to drive sustainable mobility, Euler is poised to play a pivotal role in India’s EV revolution.
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