Euler Motors Raises Rs 638 Cr, Backed by Hero MotoCorp and BII
• Rs 638 Cr Series D funding led by Hero MotoCorp
• Expansion of sales, service, and product portfolio
• Strong push for commercial EV adoption in India
Euler Motors, a prominent Indian manufacturer of electric commercial vehicles, has successfully raised Rs 638 crore in its Series D funding round. The round was led by Hero MotoCorp, the world’s largest motorcycle and scooter manufacturer, and saw participation from existing investor British International Investment (BII), the UK’s development finance institution.
The company stated that this latest capital infusion will play a pivotal role in expanding its sales and service footprint, while also accelerating new product development to further catalyze the adoption of commercial electric vehicles (EVs) across India.
Rapid Growth and EV Adoption
Established in 2018, Euler Motors is a homegrown OEM focused on the commercial EV segment. With a mission to drive India’s transition to electric mobility, the company is designing and manufacturing EVs specifically tailored for Indian conditions.
This funding round comes at a crucial growth phase for Euler, as it scales operations and reinforces its leadership in the market. The company has witnessed significant traction in e-commerce, retail, and logistics sectors, buoyed by a robust product lineup. This includes the HiLoad EV India’s most powerful electric three-wheeler and the newly launched StormEV, the country’s first light commercial vehicle equipped with Advanced Driver Assistance Systems (ADAS).
“With this fresh capital and the continued support from our strategic partners, we are set to accelerate our growth trajectory, push the boundaries of innovation, and move closer to becoming India’s leading commercial EV brand,” said Saurav Kumar, Founder & CEO of Euler Motors.
• Expansion of sales, service, and product portfolio
• Strong push for commercial EV adoption in India
Euler Motors, a prominent Indian manufacturer of electric commercial vehicles, has successfully raised Rs 638 crore in its Series D funding round. The round was led by Hero MotoCorp, the world’s largest motorcycle and scooter manufacturer, and saw participation from existing investor British International Investment (BII), the UK’s development finance institution.
The company stated that this latest capital infusion will play a pivotal role in expanding its sales and service footprint, while also accelerating new product development to further catalyze the adoption of commercial electric vehicles (EVs) across India.
Rapid Growth and EV Adoption
Established in 2018, Euler Motors is a homegrown OEM focused on the commercial EV segment. With a mission to drive India’s transition to electric mobility, the company is designing and manufacturing EVs specifically tailored for Indian conditions.
This funding round comes at a crucial growth phase for Euler, as it scales operations and reinforces its leadership in the market. The company has witnessed significant traction in e-commerce, retail, and logistics sectors, buoyed by a robust product lineup. This includes the HiLoad EV India’s most powerful electric three-wheeler and the newly launched StormEV, the country’s first light commercial vehicle equipped with Advanced Driver Assistance Systems (ADAS).
“With this fresh capital and the continued support from our strategic partners, we are set to accelerate our growth trajectory, push the boundaries of innovation, and move closer to becoming India’s leading commercial EV brand,” said Saurav Kumar, Founder & CEO of Euler Motors.
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