Euler Motors Raises INR 638 Crore in Series D Funding Round

Euler Motors, a manufacturer of electric commercial vehicles, today announced the successful closure of its Series D funding round, raising a total of INR 638 crore.

The fund infusion is led by Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, along with participation from existing investor British International Investment (BII), the UK’s development finance institution.

This latest infusion will be instrumental in expanding the company’s sales and service network while advancing new product development to accelerate India’s commercial EV adoption.

The investment comes at a time when Euler Motors is rapidly scaling its operations and strengthening its leadership in the commercial EV segment.

The company has seen strong adoption across ecommerce, retail and logistics segments, backed by a growing portfolio of high-performance electric vehicles including the HiLoad EV—India’s most powerful three-wheeler—and the recently launched StormEV, the country’s first ADAS-equipped four-wheeler Light Commercial Vehicle.

“We are excited to welcome Hero MotoCorp as a strategic investor in Euler Motors. This is a strong vote of confidence both in India’s commercial electric mobility future and in Euler Motors’ execution and products. With this fresh capital and strategic backing from new & 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.”,

Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp, said, “The strategic investment in Euler reinforces our commitment to accelerated growth through both organic and inorganic expansion, while highlighting the power of collaboration and adaptability in an ever-evolving market.

As a global automotive leader, Hero MotoCorp is driven by sustainability, innovation and customer-centric progress. 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, British International Investment, said, “We are pleased to deepen our partnership with Euler Motors as it scales its operations and brings next-generation EVs to more people in India. Since our initial investment in 2023, Euler Motors have 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.”

Some of the key investors at Euler Motors include Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund. With this round, Euler Motors has raised approximately INR 1420 crore to date.