May 19, 2025: Euler Motors, the electric mobility focussed firm has secured Rs 638 crore in a Series D funding round led by Hero MotoCorp. The firm plans to deploy the fresh investment to grow its sales and service network, as well as accelerate new product development to propel India’s commercial EV adoption.
“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, Euler Motors, in the statement.
Euler Motors to venture into Three Wheeler and Four Wheeler EV
Pawan Munjal, Executive Chairman of Hero MotoCorp, said “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 its leadership in the future of sustainable mobility.”
Euler’s other key investors include Blume Ventures, Asian Development Bank Ventures, Athera Partners, and Piramal Alternatives India Access Fund.
The commercial EV maker had secured up to $20 million, previously in debt from responsAbility Investments AG to ramp up production and distribution networks and enhance research and development capabilities.
The capital raised by Euler Motors follows the company securing its Series C funding round, adding an additional Rs 200 crore from investors, including British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund.
With this round, the Euler Motors has raised approximately Rs 1,420 crore to date. The latest round of funding also saw participation from existing investor, British International Investment (BII), the UK’s development finance institution.
