Euler Motors Trims FY25 Net Loss By 12% To INR 200 Cr

SUMMARY

Euler Motors managed to cut losses on the back of its growing top line which grew 12% to INR 191.3 Cr in FY25 from INR 170.8 Cr in the previous fiscal year

The startup’s core revenue channel, sales of vehicles remained strong for the year under review contributing to about 90% of the total operating revenue at INR 173.1 Cr in FY25, up 22% from INR 142 Cr in the previous year

Founded in 2018 by Saurav Kumar, Euler Motors manufacturers E3W and E4W, catering to the logistics sector of the country

EV manufacturer Euler Motors managed to trim its losses in the financial year ended March 31, 2025 (FY25) on the back of a healthy spurt in its top line. The Delhi-based startup’s net loss for the year under review reduced almost 12% to INR 200.2 Cr from INR 227 Cr loss incurred in FY24.

Euler Motors’ operating revenue increased 12% to INR 191.3 Cr in FY25 from INR 170.8 Cr in the previous fiscal year. Including an other income of INR 14.7 Cr, the total revenue of Euler Motors stood at INR 206 Cr in FY25, up 18% from INR 175.1 Cr in the previous year.

The startup’s core revenue channel, sales of vehicles, remained strong for the year under review contributing to about 90% of the total operating revenue at INR 173.1 Cr in FY25, up 22% from INR 142 Cr in the previous year.

Besides this, Euler Motors received INR 8.7 Cr in subsidy from the central government on sale of its EVs. The subsidy earnings fell 66% on a year-on-year (YoY) basis from INR 25.3 Cr in FY24.

Founded in 2018 by Saurav Kumar, Euler Motors manufacturers E3W and E4W, catering to the logistics sector of the country. It offers products such as Turbo EV 1000, Storm EV LongRange 200 and Storm EV T1500 in the E4W segment and HiLoad EV in the E3W segment.

The startup has raised over $224 Mn in funding since its inception. This year alone, Euler Motors raised in total about $95 Mn in a mix of equity and debt. In January, the startup raised $20 Mn in debt from responsAbility Investments AG and three months later, it raised another INR 638 Cr in its Series D round led by Hero MotoCorp, along with participation from British International Investment.

The funding was raised to boost the production capacity and R&D efforts of the startup. Moreover, it also plans to push its distribution reach by extending its network to 80 cities.

Euler Motors Trims FY25 Net Loss By 12% To INR 200 Cr

Euler’s Expense Sheet

The Delhi–based startup’s total expenses remained almost flat, increasing merely by 3% to INR 404.1 Cr in FY25 from INR 392 Cr in the previous year.

Cost Of Material Consumed: The startup spent INR 199.9 Cr to purchase materials for its EV production this year, up a marginal 1% from INR 198.2 Cr spent in the previous fiscal.

Employee Benefits Cost: The cost under this head jumped 46% to INR 74.4 Cr in FY25 from INR 51 Cr in the previous year.

Security & Manpower Expenses: The cost under this head rose 54% to INR 24.4 Cr in FY25 from INR 15.8 Cr in the previous year.