19 May 2025
Euler Motors Secures Major Investment in Series D Round
Euler Motors, a leading electric commercial vehicle manufacturer in India, has raised ₹638 crore in its latest Series D funding round. Hero MotoCorp, one of India’s top two-wheeler makers, led this funding and joined as a new strategic investor. This marks Hero’s big step into the electric three-wheeler and four-wheeler market.
In addition to Hero MotoCorp, British International Investment (BII) also participated in this round. BII is the UK government’s development finance institution and has supported Euler Motors since 2023. With this latest funding, Euler Motors has raised a total of ₹1,420 crore to date.
Funds to Help Expand Services and Launch New EV Products
Euler Motors plans to use this fresh capital to grow its sales and service network across India. The company also aims to use the money to develop new electric vehicles. This move will help the brand strengthen its position in India’s fast-growing commercial EV market.
In a statement, the company said, “This funding will help us grow faster, launch better products, and make EVs more popular in India’s commercial transport sector.”
At present, Euler Motors is seeing strong demand from e-commerce, retail, and logistics businesses. Its current electric vehicle lineup includes the HiLoad EV—an electric three-wheeler—and the newly launched StormEV. The StormEV is India's first four-wheeler light commercial vehicle equipped with ADAS (Advanced Driver Assistance System) features.
What the Leaders Are Saying
Saurav Kumar, the Founder and CEO of Euler Motors, expressed his excitement about the new funding. He said, “We are happy to welcome Hero MotoCorp as our new investor. This shows strong support for India’s electric mobility future and our efforts in the market. With this backing, we aim to grow quickly and bring better EVs to our customers.”
For Hero MotoCorp, this investment is a part of their larger strategy focused on clean mobility and innovation. Dr. Pawan Munjal, Executive Chairman of Hero MotoCorp, added, “This step shows our commitment to grow quickly and smartly. It also helps us enter the booming electric three- and four-wheeler space and look for new business opportunities.”
Abhinav Sinha, Managing Director at BII, shared his thoughts too. “We are happy to continue supporting Euler Motors. Since 2023, the company has helped push EV adoption and created better job opportunities. This matches our goal of supporting India’s move to zero carbon emissions and helping the environment,” he said.
Aiming to Become India’s No. 1 Commercial EV Brand
Perhaps what makes this moment important is how all investors share a common goal—building a cleaner and greener future through electric vehicles. With strong backing from Hero MotoCorp and continued support from other investors like Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives, Euler Motors is ready for its next big leap.
Founded in 2018, Euler Motors has always focused on building electric vehicles that suit Indian roads and transport needs. Its vision includes offering high-performance, reliable, and affordable EVs for last-mile delivery and logistics.
In the coming months, the company will likely roll out more models and expand to more cities. All in all, this funding marks a major step forward in India’s electric vehicle journey—both for Euler Motors and the commercial EV industry.
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