Euler Motors, an electric commercial vehicle maker, has raised ₹638 crore in a Series D funding round that was led by Hero MotoCorp. British International Investment (BII), an existing investor and the UK’s development finance institution, also joined the round. The company has now raised a total of ₹1,420 crore across all rounds after the latest capital raise.
Euler Motors announced that the funds will be utilized to drive its sales and service network expansion and to speed up the creation of new products. The company is growing at a fast pace, especially in the commercial EV segment, and continues to accelerate its growth with its strengthened offerings like its electric three-wheeler high HiLoad EV and the newly launched StormEV four-wheeler light commercial vehicle.
Founder and CEO Saurav Kumar welcomed Hero MotoCorp as a strategic investor, describing the investment as a strong endorsement of both Euler’s products and India’s EV transition. “With this support from our new and existing investors, we’re geared to scale up faster and innovate further,” he said.
Hero MotoCorp Executive Chairman Pawan Munjal said this step is in line with the company’s vision to grow in the new mobility ecosystem. He said that the investment gives a window of entry into the high-growth electric three- and four-wheeler market and adds to Hero’s vision of sustainable mobility on a larger scale.
Established in 2018, Euler Motors has investors like Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund.