Delhi-based electric commercial vehicle (EV) startup Euler Motors has made a bold move in India’s EV landscape by securing ₹638 crore in its Series D funding round. The announcement came on May 19, with Hero MotoCorp, the world’s largest two-wheeler manufacturer, leading the round. The investment also attracted British International Investment (BII), the UK government’s development finance institution.
This round boosts Euler’s total funding to ₹1,420 crore, a remarkable feat for a homegrown EV Original Equipment Manufacturer (OEM) that started operations just six years ago in 2018. The company has previously drawn interest from institutional investors such as Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives. This consistent capital inflow underlines a growing investor belief in Euler’s mission, its products, and India’s rising demand for clean, efficient commercial transportation.
Hero MotoCorp Joins Forces for Strategic Growth
Hero MotoCorp’s participation sends a powerful signal to the EV sector. Speaking on the investment, Pawan Munjal, Executive Chairman of Hero MotoCorp, highlighted the strategic intent. “This investment forms part of Hero’s broader growth strategy in the evolving mobility ecosystem. It opens up new opportunities in electric cargo mobility and aligns with our commitment to sustainable innovation.”
This partnership does more than infuse capital; it forges a strategic collaboration between a legacy mobility giant and an agile startup. Hero MotoCorp brings deep automotive manufacturing experience, while Euler contributes EV-specialized engineering, product-market fit, and agility in the commercial segment. Together, the companies aim to shape India’s next phase of electric cargo transportation.
Euler Motors Charts Aggressive Expansion Plan
Euler Motors doesn’t intend to sit still after this funding milestone. Founder and CEO Saurav Kumar laid out the company’s ambitious roadmap. “This funding will help us ramp up operations and bring innovative, high-performance commercial EVs to more Indian businesses,” he said. “Having Hero MotoCorp join us reinforces our mission to lead the commercial EV segment and signals growing confidence in India’s electric mobility journey.”
With ₹638 crore in fresh capital, Euler will focus on two primary objectives:
- Nationwide Expansion of Sales and Service Infrastructure
- Accelerated Development of New Electric Vehicle Models
The company plans to rapidly scale its footprint across metros and Tier-2 cities, aiming to create a robust sales and after-sales service network. As logistics businesses increasingly demand reliable and cost-effective EVs, Euler will ensure that infrastructure doesn’t become a bottleneck.
On the product side, the company will channel funds into R&D and advanced EV technologies. Its existing vehicles already lead the pack in performance and design customization for Indian urban conditions. New models, likely to cover diverse commercial use-cases, will help Euler expand its market share and customer base.
The Product Advantage: Made for India, in India
Euler Motors positions itself as more than a vehicle manufacturer. It builds purpose-driven electric mobility solutions tailored for India’s streets, climate, and delivery needs. The company has earned a reputation for engineering robust three-wheeler cargo EVs that offer high payload capacity, longer range, and intelligent fleet management features.
Euler’s flagship product—the Euler HiLoad EV—has garnered attention for its impressive specs and operational cost advantages. Designed for daily use in intra-city logistics, it serves clients in e-commerce, FMCG, logistics, and distribution sectors.
Key product strengths include:
- High payload capacity exceeding 600 kg
- Advanced lithium-ion battery tech with longer range
- Optimized suspension and chassis for Indian road conditions
- Vehicle telematics and fleet tracking features
This hyper-local approach to design and deployment differentiates Euler from several global EV players who often retro-fit existing platforms for India rather than building for India from the ground up.
Investors Bank on India’s EV Transition
The Series D funding round signifies more than just Euler’s business success. It reflects investor optimism around India’s EV transition, especially in the commercial and cargo mobility segments.
British International Investment (BII) joined the funding round with a long-term developmental view. BII invests in businesses that align with sustainability and impact goals. Their participation confirms Euler’s role in reducing urban emissions and promoting low-carbon transport solutions.
Moreover, Euler’s focus on domestic manufacturing aligns with India’s Aatmanirbhar Bharat (self-reliant India) initiative. The startup sources key components locally and assembles vehicles in India, creating jobs and reducing dependency on imported technologies.
Strong Foundation: Backing from Seasoned Investors
Euler Motors has gradually built a strong investor base, adding strategic value at each stage. Previous investors such as:
- Blume Ventures supported early-stage scaling
- Athera Partners brought corporate finance expertise
- Asian Development Bank Ventures infused global impact-oriented credibility
- Piramal Alternatives added domestic institutional capital strength
This combination of venture capital, development finance, and institutional investments has allowed Euler to sustain high innovation while executing sound business strategy. The Series D round further solidifies this trajectory.
A Look Ahead: Commercial EV Market in India
The commercial EV market in India is poised for explosive growth. Multiple tailwinds propel this momentum:
- Government schemes like FAME II and PLI for auto and ACC battery sectors
- Soaring fuel prices pushing fleet operators toward EVs
- Urban logistics companies mandating EV fleet transition
- Expanding EV financing solutions
- Increasing charging infrastructure in cities
Euler Motors sits right at the confluence of these trends. It delivers vehicles that reduce cost per km for operators while meeting emission norms and sustainability targets. Its aggressive expansion strategy aligns well with India’s policy incentives and market readiness.
Final Thoughts: Driving Toward a Cleaner Future
Euler Motors has turned a milestone into a launchpad. With ₹638 crore in new funding, strategic backing from Hero MotoCorp, and an expanding portfolio of clean cargo vehicles, the company now eyes a nationwide EV transformation.
Saurav Kumar and his team have proven their ability to innovate, execute, and scale in a demanding sector. As Indian cities seek cleaner, more efficient mobility solutions, Euler Motors offers the right blend of technology, resilience, and vision. Their journey reinforces one key truth: India’s clean mobility revolution won’t be driven by imports—it will be built by innovators like Euler Motors, right here at home.