Euler Motors Raises ₹437.5 Cr Funding

New Delhi, Mar 24 (PTI) Electric commercial vehicle maker Euler Motors on Tuesday said it has raised Rs 437.5 crore (USD 47 million) in a funding round led by Lightrock, with participation from existing investors Hero MotoCorp and Blume Ventures.

The Series E round also had an additional Rs 250 crore of debt funding from BlackSoil, Trifecta, InnoVen and Alteria Capital, the company said in a statement.

"This round comes at an important stage in Euler Motors' journey. 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," Euler Motors Founder and CEO, Saurav Kumar said.

The proceeds of the round will support Euler Motors' next phase of growth, with a focus on expanding the product line and manufacturing capacity, scaling its network across India, and strengthening the foundation for continued market share growth in the commercial EV segment.


"Euler Motors has built a differentiated platform in electric commercial vehicles with products purpose-built for Indian operating conditions and the demands of last-mile logistics," Euler Motors, Ademidun (Demi) Edosomwan, Partner and Head of Energy Access at Lightrock, said.

The company is delivering practical, scalable solutions that can drive the wider transition to clean mobility, Edosomwan added.

Hero MotoCorp CEO Harshavardhan Chitale said Euler Motors continues to demonstrate strong momentum in building ecological and scalable solutions.

"Their commitment to innovation, operational excellence and long-term value creation aligns closely with our vision of being sustainable and customer-centric," he added.

With the latest round, Euler Motors said its total capital raised to date stands at approximately Rs 1,900 crore (USD 229 million).