Euler Motors stated that the fresh capital will be used to expand its sales and service network and drive new product development, further strengthening its position in India’s rapidly growing commercial EV market.
“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 company said in a release. The funding comes at a pivotal time as Euler Motors continues to scale operations in India’s electric commercial vehicle segment.
The company reported growing adoption across the e-commerce, retail, and logistics sectors, driven by its innovative EV range. This includes the HiLoad EV—its electric three-wheeler—and the recently launched StormEV, India’s first ADAS-equipped four-wheeler light commercial vehicle.
“We are excited to welcome Hero MotoCorp as a strategic investor in Euler Motors,” said Saurav Kumar, Founder and CEO of 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 and existing investors, we are poised to accelerate our scale, continue innovating to deliver superior products, and move closer towards becoming India’s No. 1 commercial EV brand.”
For Hero MotoCorp, the investment marks a strategic entry into the electric three- and four-wheeler space, aligning with its sustainability and innovation-driven growth strategy.
“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,” said Dr Pawan Munjal, Executive Chairman, Hero MotoCorp.
“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 our leadership in the future of sustainable mobility.”
British International Investment, which first backed Euler Motors in 2023, reaffirmed its support in this latest round.
“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 has advanced e-mobility adoption and created better jobs,” said Abhinav Sinha, Managing Director and Head of Technology, Telecoms and Sustainable Industrials at BII.
“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.”
Euler Motors’ other notable investors include Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund. With this round, the company has raised approximately ₹1,420 crore in total funding to date.
Founded in 2018, Euler Motors is an automotive OEM focused on building electric commercial vehicles tailored for Indian conditions. The company develops and deploys technology solutions that promote mass EV adoption, with an emphasis on performance, reliability, and affordability for last-mile logistics and transport.
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