Euler Motors raises INR 437.5 crore in Series E funding

Euler Motors announced that it has raised INR 437.5 crore (USD 47 million) in a Series E funding round led by Lightrock, with participation from Hero MotoCorp and Blume Ventures. The round also includes INR 250 crore in debt financing from BlackSoil, Trifecta, InnoVen, and Alteria Capital.

The company stated that the funds will be used to expand manufacturing capacity, scale its network, and invest in operational functions.

Founded in 2018, Euler Motors manufactures electric commercial vehicles for last-mile logistics. Its products serve segments such as e-commerce, delivery services, and fleet operations, with a focus on cargo vehicles.

The company stated that its total capital raised to date is approximately INR 1,900 crore (USD 229 million).

Commenting on the investment, Ademidun (Demi) Edosomwan, Partner and Head of Energy Access at Lightrock, said “We are proud to partner with Euler Motors and accelerate their mission to transform commercial mobility in India. 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. The company is delivering practical, scalable solutions that can drive the wider transition to clean mobility.”

Harshavardhan Chitale, CEO, Hero MotoCorp, Hero MotoCorp, said “We are excited to support Euler Motors in its latest fundraise, as the company 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.”

The company reported that it has a presence in the three-wheel commercial EV segment and has expanded into the four-wheel EV category. It stated that it holds a 22% market share in the four-wheel cargo segment and operates 100 touchpoints across India.

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. The combination of fresh equity and debt capital strengthens our ability to expand capacity, deepen our network and build the operating foundation required for long-term growth. We are pleased to welcome Lightrock as a new investor and grateful for the continued support of Hero MotoCorp, Blume Ventures, BlackSoil, InnoVen, Trifecta and Alteria Capital.”

Also read: BlackSoil invests ₹75 crore in Euler Motors, leading the Series D1 round