The electric vehicle, which now has a portfolio of three models, plans to expand its retail presence to 100 cities by the end of this year.
22 Sep 2025 | 4308 Views | By Kiran Murali & Yukta Mudgal
As electric commercial vehicle startup Euler Motors expands its product portfolio and presence across the country, the Hero MotoCorp-backed company has set a target of doubling its topline during the current financial year while it looks at achieving profitability over the next three and a half years.
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As electric commercial vehicle startup Euler Motors expands its product portfolio and presence across the country, the Hero MotoCorp-backed company has set a target of doubling its topline during the current financial year while it looks at achieving profitability over the next three and a half years.
“We did Rs 192 crore in revenue last financial year and in this year, we are targeting to grow 100% on that,” Euler Motors founder and CEO Saurav Kumar told Autocar Professional while launching the company’s new 1-tonne electric mini truck.
The Haryana-based startup, established in 2018, now has a portfolio of three commercial vehicles in the 1-1.5 tonne space – the newly launched Turbo EV 1000, StormEV and HiLoad EV. The company sold close to 3,200 vehicles in the financial year 2025.
Currently, Euler Motors is present in 60 cities across the country with over 100 showrooms. By the end of this year, the company plans to expand its presence to 100 countries. The company competes with companies including Omega Seiki Mobility, Montara, Mahindra Last Mile Mobility and Tata Motors.
Kumar noted that over 5 lakh units are sold in the sub-3.5-ton commercial vehicle segment annually, and of this, 40% or roughly 2 lakh units, come from mini-trucks or sub sub-1-ton segments. “Unlike the three-wheeler space, the EV penetration is very low at around 1.5% in the four-wheel commercial space. So the potential is huge with a compelling product,” he said.
On the rare earth magnet supply, Kumar noted that the company is not currently facing issues from its suppliers and the company is working on magnet-free, higher efficiency motors for the future.
Meanwhile, Euler Motor is looking to achieve EBITDA break-even by 2029. “We are becoming profitable on the product without the subsidy. Now, our next step is to become profitable in the contribution. I think roughly in three, three and a half years from now, we will be at EBITDA break-even,” he added.
India’s largest two-wheeler maker Hero MotoCorp has 34% stake in Euler Motor. The company recently raised Rs 638 crore in Series D funding led by Hero MotoCorp and British International Investment at a valuation of close to Rs 1,400 crore. Till now, the company has raised Rs 1,420 crore.
Though the company has plans to raise further funds in the short term, the management did not disclose how much it will raise next year. When asked about a public issue, Kumar said: “IPO is still years away. Fundamentally, first we have to make sure our products are available across all major cities. Then profitability is a very important characteristic.”