​Commercial electric-vehicle maker Euler Motors has raised Rs 437.5 crore ($47 million) in its Series E round of funding, led by Lightrock, with participation from Hero MotoCorp Ltd and Blume Ventures.
The company has also raised Rs 250 crore of debt funding from BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital, Euler said in a statement Tuesday.
The company said it plans to use the capital to expand its manufacturing capacity, scale its network, and invest in its core operational capabilities.​
​​The round is a mix of primary and secondary transactions. Euler did not disclose the details of the mix or the investors who are exiting.
“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,” said Saurav Kumar, founder and chief executive of Euler Motors.
Euler Motors, founded in 2015, operates in 64 cities across India. It designs, manufactures and services electric three- and four-wheelers. It also counts British International Investment (BII), the UK’s development finance institution, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund as its investors. It closed its Series C round in March 2024, raising Rs 525 crore.
Euler is an associate company of India’s biggest two-wheeler maker Hero MotoCorp, which backed the company in its Series D round last March. It had invested Rs 525 crore (around $60 million) in Euler Motors. In February, Hero said in an exchange filing that it is doubling down on its investment in the company, deepening its bet on the electric three- and four-wheeler segment and increasing its stake to 36%.
“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.” Kumar added.
The EV maker competes against Altigreen, Mahindra Electric, Piaggio, Tata Motors, Omega Seiki Mobility, YC Electric Vehicle, Saera Electric Auto, Lohia Auto, and Atul Auto, among others.
It reported operating revenue of Rs 191 cror​e for the financial year ended March 2025, up from Rs 172 crore a year earlier. It reported a net loss of Rs 200 crore in FY25, down from Rs 227 crore in the year before, according to VCCEdge, the data-intelligence platform of VCCircle.​​
