Euler Motors Raises INR 437.5 Crore in Series E Round

Euler Motors has closed a Series E funding round worth INR 437.5 crore (approximately USD 47 million) in equity, with an additional INR 250 crore in debt, bringing the total raise to INR 687.5 crore.

Euler Motors plans to deploy the capital across three areas: expanding manufacturing capacity at its Palwal, Haryana facility; scaling its retail and service network; and strengthening core operational functions. The company currently operates a 5-lakh square-foot plant with an annual production capacity of 36,000 vehicles.

The equity round was led by Lightrock, a global impact-focused investment platform, with follow-on participation from existing investors Hero MotoCorp and Blume Ventures. The debt was provided by BlackSoil, Trifecta, InnoVen, and Alteria Capital.

With this round, Euler Motors' total capital raised since its founding in 2018 stands at approximately INR 1,900 crore (USD 229 million). The company manufactures electric three-wheel and four-wheel commercial cargo vehicles, targeting the last-mile logistics segment in India.

The company sold 3,050 vehicles in FY25 and has set a target to extend its presence from roughly 60 cities and 80 showrooms to 100 cities and 100 touchpoints by the end of the current financial year.

In the three-wheel commercial EV segment, Euler Motors has been among the established players since launching its HiLoad EV in 2021 — a liquid-cooled battery vehicle that the company says was the first of its kind in Indian commercial EVs. Customers of the HiLoad EV have collectively covered over 11 crore kilometres, with the company estimating that this has displaced approximately 15,000 tonnes of CO2 emissions.

In the four-wheel small commercial vehicle segment, where it entered in 2024, Euler claims the second-largest market share in India and a 22% share specifically in four-wheel cargo. Its Storm EV, launched in 2024, was positioned as India's first electric four-wheel SCV with ADAS features. The company's most recent product, the Turbo EV1000 — described as the world's most affordable 1-tonne electric commercial vehicle — sold over 1,000 units within 80 days of launch.

Ademidun Edosomwan, Partner and Head of Energy Access at Lightrock, said the firm sees Euler as having built a platform that addresses the operating conditions specific to Indian last-mile logistics. "The company is delivering practical, scalable solutions that can drive the wider transition to clean mobility," he said.

Hero MotoCorp CEO Harshavardhan Chitale, whose company has now participated in multiple Euler funding rounds including the Series D in May 2025, cited alignment with Hero's focus on sustainable mobility. The Series D, worth INR 638 crore, was led by Hero MotoCorp with participation from British International Investment.

Founder and CEO Saurav Kumar described the raise as a transition point for the company. "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," he said. Kumar added that the combination of equity and debt capital gives the company the capacity to expand manufacturing, deepen its network, and invest in the operational infrastructure needed for long-term growth.

Lightrock is a global investment platform advising USD 5.8 billion in assets, with investments in Europe, North America, Latin America, Asia, and Africa. It holds B Corp certification and focuses on companies in the areas of people, planet, and productivity.

Hero MotoCorp, headquartered in New Delhi, is the world's largest manufacturer of motorcycles and scooters by volume for 25 consecutive years, with revenue of approximately USD 5 billion. The company has investments in Ather Energy and Euler Motors as part of its EV strategy, and is listed on the Dow Jones Sustainability Index.