Euler Motors, a company that builds electric commercial vehicles, has announced the completion of its Series D funding round. The company has raised Rs 638 crore in this round. The funding was led by Hero MotoCorp, the world’s biggest maker of motorcycles and scooters. British International Investment (BII), a UK-based development finance institution and an existing investor, also participated in this funding.
Euler Motors Growth Plans
Euler Motors said it will use this new funding to grow its sales and service network across the country. The company also plans to develop new electric vehicle models to encourage faster EV adoption in India’s commercial sector.
Company Vision And Progress
Founded in 2018, Euler Motors is focused on making electric commercial vehicles that suit Indian roads and conditions. The company aims to bring smart technology and affordable solutions to help more businesses switch to EVs.
Strong Market Position
Euler Motors is already seeing strong demand from industries like e-commerce, retail, and logistics. Its popular vehicles include the HiLoad EV, India’s most powerful three-wheeler, and the newly launched StormEV, India’s first ADAS-enabled light commercial four-wheeler. These innovations are helping the company become a leading name in India’s growing commercial EV space.
Leadership Comments
Saurav Kumar, the Founder and CEO of Euler Motors, said the fresh investment will help the company scale faster and bring better products to the market. He added that the goal is to become India’s top commercial EV brand.
View of Hero MotoCorp
Dr. Pawan Munjal, Executive Chairman of Hero MotoCorp, said that this investment reflects Hero’s commitment to sustainability and innovation. He added that the partnership with Euler Motors will allow Hero to expand into the fast-growing electric three-wheeler and four-wheeler markets.
Abhinav Sinha of BII said that the investment in Euler supports India’s move toward cleaner energy. He emphasized that Euler Motors is creating jobs and promoting e-mobility, which aligns with India’s net-zero goals.
