Electric commercial vehicle startup Euler Motors raises Rs 638 crore in Series D round

Delhi-based Euler Motors, an electric commercial vehicle startup, has raised Rs 638 crore in its Series D round, the company said in a statement today, May 19.

The fresh round was led by Hero MotoCorp, the world’s largest motorcycle and scooter manufacturer. British International Investment (BII), the UK government’s development finance arm also participated in the round.

Euler Motors has raised a total of 1,420 crore, including this Series D funding. Earlier, the company received funding from investors like Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives, among others. 

The startup plans to utilise the new funding to expand its national sales and service footprint while accelerating the development of new electric vehicle (EV) models.

“This funding will help us ramp up operations and bring innovative, high-performance commercial EVs to more Indian businesses,” said Saurav Kumar, Founder and CEO of Euler Motors. 

“Having Hero MotoCorp join us reinforces our mission to lead the commercial EV segment and signals growing confidence in India’s electric mobility journey,” he added.

“This strategic investment is part of Hero’s broader growth strategy in the evolving mobility ecosystem,” said Pawan Munjal, executive chairman of Hero MotoCorp. “It opens up new opportunities in electric cargo mobility while aligning with our commitment to sustainable innovation,” said  Munjal.

Euler Motors was started in 2018. This is an automotive OEM focused on electric commercial vehicles. The company is developing & deploying innovative technology solutions to democratise a swift EV transition, building EVs that are designed for India, from India.