Hero Raises ₹638 Crore For Euler Motors In Series D Funding

Euler Motors has raised a further ₹638 crore in Series D funding led by Hero MotoCorp. This was the first funding round that the largest Indian two-wheeler manufacturer of India participated in ever since it acquired a 32.5 per cent stake in Euler. This brings the Palwal-based electric commercial three and four-wheeler manufacturer's total funds to ₹1,420 crore. The fresh funds will be used by Euler to further its national expansion plans with more dealerships and service centres, and new product development. 

Euler’s existing investors, British International Investment (BII), the UK Government’s development finance arm, also participated in the funding round. The brand’s other investors from before, including Blume Ventures, ADB Ventures, Athera Partners, and Piramal Alternatives, were also present. 

The brand’s founder, Saurav Kumar stated to a reporter that Euler currently holds 11 per cent of India’s electric three-wheeler cargo market, which in the coming quarters it aims to increase to 15 per cent. Euler has been in this space with just one offering under the badge, HiLoad. It also ventured into the commercial electric four-wheeler space last year with the new Storm EV. It is available in two variants, and is the first commercial vehicle of its kind to be available with ADAS features like Night Vision, lane-keep assist, etc.