Electric vehicle (EV) manufacturer Euler Motors announced on Monday that it has raised ₹638 crore in a Series D funding round, led by Hero MotoCorp. The round also included participation from existing investor British International Investment (BII), the UK’s development finance institution.
According to the company, Euler Motors will use the funds to strengthen its sales and service network and develop new products to accelerate the adoption of commercial EVs in India.
“With this fresh capital and strategic backing from new and existing investors, we are poised to accelerate our scale, continue innovating to deliver superior products, and come a few steps closer towards becoming India’s No. 1 commercial EV brand,” said Saurav Kumar, Founder and CEO, Euler Motors, in the statement. With this round, the company has raised approximately Rs 1,420 crore to date.
Earlier in January, Euler Motors had raised up to $20 million in debt funding from responsAbility Investments AG to scale up its production and distribution infrastructure and boost its R&D capabilities.
This capital infusion followed the successful closure of its Series C funding round, in which the company secured an additional ₹200 crore from investors such as British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund.
At the time, Euler stated that the funding would support the development and expansion of its four-wheeler commercial EV, the Storm EV, aimed at serving logistics and e-commerce clients.
“As we strengthen and diversify our presence in the emerging mobility landscape, this investment allows Hero MotoCorp to venture into a rapidly growing electric three and four-wheeler market, while unlocking adjacent business opportunities and continuing to cement its leadership in the future of sustainable mobility,” said Pawan Munjal, Executive Chairman of Hero MotoCorp.
Euler Motors’ key investors also include Blume Ventures, Asian Development Bank Ventures, Athera Partners, and Piramal Alternatives India Access Fund, highlighting strong backing from both domestic and international institutions.
Euler Motors’ successful ₹638 crore Series D funding round, led by Hero MotoCorp, underscores growing investor confidence in India’s EV sector.
With continued support from key investors and a strong focus on expanding infrastructure and product innovation, Euler Motors aims to accelerate the adoption of commercial electric vehicles across the country.
