Euler Motors Bags INR 638 Cr From Hero MotoCorp, BII

Electric commercial vehicle manufacturer Euler Motors has secured INR 638 Cr (around $75 Mn) as a part of its Series D funding round led by Hero MotoCorp, along with participation from existing investor British International Investment.

The Delhi-based startup’s founder Saurav Kumar told Inc42 that the fresh capital will be deployed for product development and also expand its distribution network to 80 cities.

He added that the company aims to double its revenue by the end of the current fiscal year.

The development comes almost a month after Hero MotoCorp informed the exchanges that it is planning to pick up nearly stake 32.5% in Euler Motors for INR 525 Cr.

Earlier this year, the startup also raised $20 Mn in debt from responsAbility Investments AG.

Founded in 2018 by Kumar, Euler Motors is an original equipment manufacturer (OEM) which designs, manufactures, sells and services electric three-wheelers. It also caters to the logistics, commercial mobility and ecommerce sector.

With the latest fundraise, the startup claims to have raised around INR 1,420 Cr ($166.2 Mn) in total funding till date. It counts Blume Ventures, Athera Venture Partners, Asian Development Bank Ventures and Piramal Alternatives India Access Fund among its investors.

According to Tofler, Euler’s standalone operating revenue jumped 253% to INR 172 Cr in the financial year ended March 31, 2024 (FY24) from INR 48.70 Cr in the previous fiscal year.

However, the startup’s net loss widened 39% to INR 234.30 Cr in the year under review from INR 168.70 Cr in FY23.

Earlier this year, EV fleet startup MoEVing bought Euler Motors’ mobility business to expand its fleet.

Centre’s Push For EVs 

The adoption of EV in India has been growing across all segments. According to Inc42’s India’s Electric Vehicle Startup Landscape Report, 2025, registrations of three wheeler EVs in India jumped almost 13% to 6.59 Lakh in the calendar year 2024 from 5.84 Lakh in the previous year.

While Mahindra and Mahindra emerged as the market leader in the three wheeler EV segment with 66K total units sold, other legacy players such as Bajaj Auto and Piaggio were not far behind — with 41,906 and 21,775 units registered in Vahan respectively.

In this race, Euler Motors is still far behind with just 3,523 sold in 2024.

Meanwhile, the Centre has been pushing for EV production in India with its PM E-DRIVE Scheme which was introduced last year in October. The scheme has a total outlay of INR 10,900 Cr and deployed demand incentives in all categories of EVs including three wheeler EVs.

The government has also allocated INR 2,000 Cr for developing the EV infrastructure in the country. It aims to construct more than 48,400 EV charging facilities for two-wheeler and three-wheeler EVs across the country.

As per Inc42’s report, the Indian EV market is set to become a $132 Bn opportunity by 2030.