Euler Motors (“Euler” or “the Company”), a leading electric commercial vehicle manufacturer, today announced its Series E round of INR 437.5 crore (USD $47 million), led by Lightrock, with participation from Hero MotoCorp and Blume Ventures. The round also had an additional INR 250 crores of debt funding from BlackSoil, Trifecta, InnoVen and Alteria Capital.
Founded in 2018, Euler Motors addresses the last-mile logistics challenge in India by designing and manufacturing purpose-built electric commercial vehicles. The company targets segments where electrification economics are strongest, with a growing focus on higher-payload cargo vehicles, while continuing to serve e-commerce, hyperlocal delivery, and fleet customers. Euler has established a differentiated market position by delivering high uptime, attractive operator economics, and service readiness, all underpinned by disciplined execution.
The round marks an important milestone in Euler Motors’ journey and reflects continued investor confidence in the Company’s trajectory, execution capability, and position in India’s electric commercial mobility market. Lightrock joins the company as a new investor, while Hero MotoCorp and Blume Ventures have reaffirmed their support through their participation in the round.
Commenting on the investment, Ademidun (Demi) Edosomwan, Partner and Head of Energy Access at Lightrock, said “We are proud to partner with Euler Motors and accelerate their mission to transform commercial mobility in India. Euler Motors has built a differentiated platform in electric commercial vehicles with products purpose-built for Indian operating conditions and the demands of last-mile logistics. The company is delivering practical, scalable solutions that can drive the wider transition to clean mobility.”
Commenting on the investment, Harshavardhan Chitale, CEO, Hero MotoCorp, Hero MotoCorp, said “We are excited to support Euler Motors in its latest fundraise, as the company continues to demonstrate strong momentum in building ecological and scalable solutions. Their commitment to innovation, operational excellence and long-term value creation aligns closely with our vision of being sustainable and customer centric.”
The proceeds of the round will support Euler Motors’ next phase of growth, with a focus on expanding the product line and manufacturing capacity, scaling its network across India, and strengthening the foundation for continued market share growth in the commercial EV segment. This includes continued investment in the core business functions and operational capabilities needed to scale in a disciplined way across target markets.
Euler Motors has established strong credibility in the three-wheel commercial EV space and, despite being a relatively late entrant in the four-wheel category, has already emerged as the second-largest player in India by market share in the four-wheel EV segment. The company has also secured a 22% market share in four-wheel cargo and expanded to 100 touchpoints across the country, reflecting its growing relevance in the commercial electric mobility space.
Commenting on the development, Saurav Kumar, Founder and CEO, Euler Motors, said “This round comes at an important stage in Euler Motors’ journey. We are moving from early scale-up to the next phase of growth, where the focus is on building with greater depth and consistency across products, markets and operations. We see a significant opportunity in commercial EV segments where uptime, reliability and operating economics matter most, and we will continue to invest behind that opportunity with discipline. The combination of fresh equity and debt capital strengthens our ability to expand capacity, deepen our network and build the operating foundation required for long-term growth. We are pleased to welcome Lightrock as a new investor and grateful for the continued support of Hero MotoCorp, Blume Ventures, BlackSoil, InnoVen, Trifecta and Alteria Capital.”
Euler Motors’ total capital raised to date stands at approximately INR 1,900 crore (USD $229 million).
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About Euler Motors
Euler Motors, founded in 2018, is a leading Indian automotive OEM focused on electric four-wheeler and three- wheeler commercial cargo vehicles. The company is committed to transforming India’s commercial transportation sector through zero-emission mobility solutions that deliver both environmental and business impact. Its mission is not only to reduce the long-term effects of climate change and improve air quality in Indian cities, but also to accelerate the adoption of commercial EVs by offering high-performance, Made-in-India products backed by a strong supporting ecosystem.
In 2021, Euler Motors launched HiLoad EV, its flagship three-wheeler cargo vehicle, which set new benchmarks in the category with industry-leading range, battery capacity, and payload. The company was also the first to introduce liquid-cooled battery technology in commercial EVs in India, significantly improving performance, reliability, and battery life. Built specifically for Indian roads, operating conditions, and weather environments, the HiLoad EV was designed to maximise customer profitability and quickly emerged as a preferred choice among both institutional and retail buyers, achieving a top-three position in monthly sales within its segment.
Building on this momentum, Euler Motors entered the small commercial vehicle segment in 2024 with Storm EV, India’s first electric four-wheeler SCV equipped with ADAS, aimed at improving safety and operational efficiency in last-mile logistics across both intra-city and intercity routes. Further strengthening its cargo portfolio, the company recently launched the Turbo EV1000, positioned as the world’s most affordable 1-tonne electric commercial vehicle. The product has already demonstrated strong market acceptance, with over 1,000 units sold within just 80 days of launch, underlining Euler’s growing leadership in the commercial EV cargo space.
Euler Motors’ impact on sustainable mobility is already visible at scale. To date, customers using the HiLoad EV have collectively clocked over 11 crore kilometres in intra-city operations across India, helping avoid approximately 15,000 tonnes of CO2 emissions. This is equivalent to preserving more than 5.2 lakh trees, significantly reducing the environmental footprint of commercial fleet operations across sectors.
The company continues to strengthen its growth trajectory. In May 2025, Euler Motors raised ₹638 crore in a Series D funding round led by Hero MotoCorp, with participation from existing investor British International Investment. In FY25, the company sold 3,050 vehicles and is now targeting a wider market footprint, with plans to expand from around 60 cities and 80 showrooms to 100 cities by the end of the current financial year.
All Euler Motors vehicles are Made in India, manufactured at the company’s state-of-the-art R&D and production facility in Palwal, Haryana. Spread across five lakh square feet, the plant has an annual production capacity of 36,000 vehicles, providing a strong foundation for the company’s next phase of growth in India’s fast-evolving commercial EV market.
