Hero MotoCorp, Lightrock Back Euler Motors in ₹437.5 Crore Fundraise

Euler Motors has raised ₹437.5 crore in a Series E round led by Lightrock, with participation from Hero MotoCorp and Blume Ventures. The company also secured an additional ₹250 crore in debt funding from BlackSoil, Trifecta, InnoVen and Alteria Capital. The fresh capital marks a significant milestone for the electric commercial vehicle maker as it looks to expand its presence in India’s fast-growing EV logistics market.

Funds to Support Manufacturing and Network Expansion

According to Euler, the proceeds from the round will be deployed toward expanding manufacturing capacity, strengthening its network across the country and investing further in core operational capabilities. Euler Motors said the latest infusion will help it move into the next phase of growth with a stronger foundation across products, markets and execution.

Founded in 2018, the company focuses on purpose-built electric commercial vehicles designed for last-mile logistics. Its portfolio serves e-commerce, hyperlocal delivery and fleet operators, with a growing emphasis on higher-payload cargo applications where electrification economics are more favourable.

The round also signals continued investor confidence in Euler Motors’ business model and operating momentum. Lightrock joins as a new investor, while Hero MotoCorp and Blume Ventures have reaffirmed their backing through the latest funding. Both Lightrock and Hero MotoCorp highlighted Euler’s focus on practical, scalable and sustainable mobility solutions.

Speaking on the fresh round of investment, Saurav Kumar, Founder and CEO of Euler Motors, said, “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. We see a significant opportunity in commercial EV segments where uptime, reliability and operating economics matter most, and we will continue to invest behind that opportunity with discipline.”

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Strong Position in Commercial EV Segments

Euler Motors said it has built a strong position in the three-wheeler commercial EV category and has emerged as the second-largest player in India’s four-wheel EV segment by market share, despite being a relatively late entrant. The company also claims a 22 percent market share in four-wheel cargo and said it now has 100 touchpoints across the country.

The company’s growth has been supported by product launches such as the HiLoad EV, Storm EV and Turbo EV1000. It also reported that customers using the HiLoad EV have collectively covered over 11 crore kilometres, helping avoid approximately 15,000 tonnes of CO2 emissions. Total capital raised by Euler Motors now stands at about ₹1,900 crore.