Euler Motors raises Rs 638 Cr in Series D funding round

Commercial electric vehicle manufacturer Euler Motors has raised Rs 638 crore (approximately $75 million) in its Series D round, 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, Euler Motors said in a press release.

Last month, the company had already announced a $60 million investment from Hero MotoCorp. Entrackr also exclusively reported that British International Investment and Caladium Investment (GIC) contributed Rs 96 crore ($11.3 million) and Rs 32 crore ($3.76 million), respectively, in the Series D round.

According to Entrackr’s estimates, Euler Motors' valuation remains flat at $176 million.

The firm has secured investments from prominent backers such as Blume Ventures, Athera Partners, Asian Development Bank Ventures, and the Piramal Alternatives India Access Fund. With the latest funding round, the company's total capital raised stands at approximately Rs 1,420 crore.

Launched in 2018, Euler Motors is a commercial electric vehicle startup specializing in the production of three-wheelers. According to the company, it has seen strong adoption across the e-commerce, retail, and logistics segments, backed by a growing portfolio of high-performance electric vehicles, including the HiLoad EV and the recently launched StormEV.

“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 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 and CEO of Euler Motors.

Euler Motors reported a more than threefold increase in operating revenue year-on-year to Rs 189 crore in FY24 from Rs 62 crore in FY23. Despite this growth, the company posted a loss of Rs 227 crore during the same period.

Euler competes with players like Altigreen, as well as established names such as Mahindra Electric, Piaggio, Kinetic Green, Tata, and others.