EV commercial vehicle manufacturer plans nationwide expansion and new product development
19 May 2025 | 836 Views | By Angitha Suresh
Euler Motors, which manufactures electric commercial vehicles, has secured ₹638 crore in Series D funding led by Hero MotoCorp with participation from existing investor British International Investment (BII), the company announced on Monday. The capital will support Euler's expansion of sales and service networks while funding development of new products ...
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Euler Motors, which manufactures electric commercial vehicles, has secured ₹638 crore in Series D funding led by Hero MotoCorp with participation from existing investor British International Investment (BII), the company announced on Monday. The capital will support Euler's expansion of sales and service networks while funding development of new products to increase commercial EV adoption in India.
The investment marks Hero MotoCorp's strategic entry into the electric three and four-wheeler market, expanding beyond its core motorcycle and scooter business. For BII, the UK's development finance institution, this represents a deepening of their partnership with Euler Motors following their initial investment in 2023.
"We are excited to welcome Hero MotoCorp as a strategic investor in Euler Motors. This is a strong vote of confidence both in India's commercial electric mobility future and in Euler Motors' execution and products," said Saurav Kumar, Founder and CEO of Euler Motors.
Euler Motors has gained traction in the ecommerce, retail and logistics segments with vehicles including the HiLoad EV, described as India's most powerful three-wheeler, and the recently launched StormEV, a four-wheeler Light Commercial Vehicle featuring Advanced Driver Assistance Systems (ADAS).
Dr. Pawan Munjal, Executive Chairman of Hero MotoCorp, emphasized the investment aligns with the company's sustainability goals while allowing it to diversify its presence in emerging mobility segments. "This investment allows Hero MotoCorp to venture into a rapidly growing electric three and four-wheeler market, while unlocking adjacent business opportunities," he stated.
Founded in 2018, Euler Motors has raised approximately ₹1,420 crore to date, with investors including Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund. The company develops EV technology specifically for the Indian market, targeting mass adoption of electric vehicles in commercial transportation.
The funding comes as India's commercial EV sector experiences significant growth, driven by government initiatives promoting electric mobility and increasing corporate commitments to sustainable transportation solutions. The commercial vehicle segment represents a critical opportunity for electrification given the high utilization rates and predictable routes that make operational economics favorable for EV adoption.