New Delhi, India — Electric commercial vehicle manufacturer Euler Motors has successfully closed its Series D funding round, raising ₹638 crore. The round was led by Hero MotoCorp, India’s largest two-wheeler manufacturer, with participation from existing investor British International Investment (BII), the UK’s development finance institution.
This fresh infusion of capital will play a pivotal role in expanding Euler Motors’ sales and service network, driving new product development, and furthering the company’s mission to accelerate the adoption of electric commercial vehicles in India.
The funding comes at a crucial juncture as Euler Motors scales its operations and strengthens its position as a leader in the commercial EV segment. The company has witnessed rapid adoption across e-commerce, retail, and logistics sectors, fueled by its high-performance product lineup, including the popular HiLoad EV and the recently launched StormEV.
“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 & CEO, Euler Motors.
Strategic Backing from Industry Leaders
In addition to Hero MotoCorp and BII, Euler Motors is backed by several prominent investors, including Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund. With the latest funding, the company’s total capital raised to date stands at approximately ₹1,420 crore.
Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp, emphasized the strategic value of the investment:
“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 at BII, added:
“Since our initial investment in 2023, Euler Motors has 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.”
Driving the Future of Electric Mobility in India
As India pushes forward on its net zero emissions goals, the role of commercial EVs becomes increasingly critical. With robust investor support, a rapidly expanding product portfolio, and a growing presence in high-demand sectors, Euler Motors is well-positioned to lead the next wave of sustainable urban mobility.
