Euler Motors Raises INR 638 Cr in Series D Round Led by Hero MotoCorp and BII
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Euler Motors, a New Delhi-based electric commercial vehicle manufacturer, has raised INR 638 crore in its Series D funding round. The round was led by Hero MotoCorp, marking its entry as a strategic investor, alongside continued participation from British International Investment (BII), the UK's development finance institution.
The fresh capital will be deployed to expand Euler Motors' nationwide sales and service network and accelerate the development of new electric commercial vehicle (ECV) products aimed at mass adoption. The company is eyeing deeper penetration across ecommerce, retail, and logistics sectors with its innovative, India-focused EV solutions.
"We are excited to welcome Hero MotoCorp as a strategic investor in Euler Motors. This is a strong vote of confidence in India's commercial electric mobility future and in our execution capabilities. With this funding, we're poised to scale rapidly and inch closer to becoming India's No. 1 commercial EV brand," said Saurav Kumar, Founder and CEO of Euler Motors.
Founded in 2018, Euler Motors is building high-performance electric vehicles tailored for India's last-mile logistics needs. Its flagship HiLoad EV is touted as the most powerful electric three-wheeler in India. The company recently launched the StormEV,an ADAS-equipped light commercial four-wheeler, aimed at redefining performance and safety standards in the ECV space.
Hero MotoCorp's Executive Chairman Dr Pawan Munjal said, "This strategic investment reinforces our commitment to sustainable growth and positions us strongly in the evolving electric mobility landscape, particularly in the fast-growing three- and four-wheeler commercial space."
Euler Motors has so far raised approximately INR 1,420 crore from marquee investors, including Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund. The Series D round signifies not just capital inflow but also strengthens strategic collaborations that will define the future of India's commercial EV ecosystem.
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