Mumbai: Electric commercial vehicle startup Euler Motors on Monday announced that it has raised Rs 638 crore in a Series D funding round led by Hero MotoCorp.
The round also saw participation from existing investor British International Investment (BII), the UK's development finance institution, Euler Motors said in a statement.
With this round, Euler Motors has, so far, raised approximately Rs 1,420 crore in various funding rounds, it added.
This fresh capital infusion will be utilised in expanding the company's sales and service network while advancing new product development, the statement said.
Euler Motors said it has secured investment amid rapidly scaling operations and strengthening of leadership in the commercial EV segment.
The company has seen strong adoption across the e-commerce, retail and logistics segments, backed by a growing portfolio, comprising the electric three-wheeler high-HiLoad EV and the recently launched four-wheeler LCV StormEV.
"We welcome Hero MotoCorp as a strategic investor in Euler Motors. This is a strong vote of confidence both in India's commercial electric mobility future and in Euler Motors' execution and products," Euler Motors founder and CEO Saurav Kumar said.
With this fresh capital and strategic backing from new and existing investors, the company is set to accelerate its scale and continue innovating to deliver superior products, he added.
"As we strengthen and diversify our presence in the emerging mobility landscape, this investment allows Hero MotoCorp to venture into a rapidly growing electric three and four-wheeler market, while unlocking adjacent business opportunities and continuing to cement its leadership in the future of sustainable mobility," said Pawan Munjal, Executive Chairman, Hero MotoCorp.
Founded in 2018, Euler Motors investors include Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund.
"...Since our initial investment in 2023, Euler Motors has advanced e-mobility adoption and created better jobs. This aligns closely with our ambition to support India's net-zero emissions target and enables us to drive scalable impact in a sector vital to both economic growth and environmental progress," said Abhinav Sinha, Managing Director and Head of Technology, Telecoms and Sustainable Industrials at British International Investment.
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