Euler Motors announced that it has secured ₹437.5 crore (approximately USD 47 million) in a Series E funding round. The round was led by Lightrock, with participation from Hero MotoCorp and Blume Ventures. In addition to equity funding, the company has raised around ₹250 crore in debt from BlackSoil, Trifecta, InnoVen Capital and Alteria Capital.
Use of Funds
The company plans to use the capital to expand its manufacturing capacity and increase its presence across markets in India. The funding will also support the development of its product portfolio and strengthen operational capabilities as the company scales its business.
Business Focus
Founded in 2018, Euler Motors operates in the electric commercial vehicle segment, focusing on last-mile logistics. The company designs and manufactures electric vehicles used in cargo transport, including three-wheelers and four-wheelers.
Its customer base includes e-commerce companies, fleet operators, and hyperlocal delivery services.
Market Position
Euler Motors has established a presence in the three-wheeler electric cargo segment and has expanded into the four-wheel cargo category. The company holds around 22% market share in the four-wheel cargo segment and has developed a network of 100 touchpoints across India.
Total Capital Raised
With this round, Euler Motors’ total funding to date stands at approximately ₹1,900 crore (around USD 229 million).
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.”
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.”
