Electric commercial vehicle startup Euler Motors has raised ₹638 crore in its latest Series D funding round. The milestone round brings in Hero MotoCorp as a key new investor and strategic partner. With this fresh capital, Euler aims to accelerate its product development, expand its national footprint, and strengthen its position in the growing commercial EV market in India.
Hero MotoCorp Steps into the Commercial EV Space
India’s two-wheeler giant Hero MotoCorp joining this round is a significant move in the evolving EV ecosystem. Known for its leadership in the internal combustion engine (ICE) two-wheeler segment, Hero is now signaling its intent to diversify into electric three- and four-wheelers.
“This strategic investment is part of Hero’s broader growth strategy in the evolving mobility ecosystem,” said Dr. Pawan Munjal, Executive Chairman of Hero MotoCorp. “It opens up new opportunities in electric cargo mobility while aligning with our commitment to sustainable innovation.”
Hero’s partnership with Euler is aligned with its long-term sustainability roadmap, showing clear intent to participate in the clean mobility shift reshaping India’s commercial transport sector.
Existing Backers Reaffirm Confidence
The round also saw continued participation from British International Investment (BII)—the UK government’s development finance arm—which initially backed Euler in 2023. Other notable investors include Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives.
The additional funding brings Euler Motors’ total capital raised to nearly ₹1,420 crore since its inception.
“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.”
Meeting the Growing Demand for Electric Cargo Vehicles
India’s commercial transport sector is undergoing a significant transformation. As e-commerce, retail, and logistics industries grow, so does the need for clean, cost-effective last-mile delivery solutions.
Euler Motors is directly addressing this demand with a growing product portfolio, including:
- HiLoad EV: A high-performance electric three-wheeler designed for cargo.
- StormEV: India’s first electric light commercial four-wheeler featuring advanced driver-assistance systems (ADAS)—a major leap in tech and safety for the segment.
The company positions itself as a full-stack EV manufacturer, designing and producing vehicles tailored to Indian conditions. Their focus lies in creating rugged, efficient, and intelligent commercial EVs that can withstand the rigors of daily heavy-duty transport.
Scaling Operations Nationwide
With the new funds, Euler Motors plans to:
- Expand its national sales and service network
- Accelerate R&D for upcoming vehicle models
- Strengthen its manufacturing capacity
- Enhance after-sales support infrastructure
This nationwide push will help the company reach more businesses looking to transition their fleets to electric, especially those in urban centers where regulations and incentives increasingly favor zero-emission vehicles.
A Boost for India’s Green Mobility Goals
Euler Motors’ continued growth, bolstered by strong investor confidence, contributes meaningfully to India’s broader sustainability goals. The move also reflects the increasing investor interest in EV startups that offer specialized, sector-focused mobility solutions.
By developing robust commercial EVs with cutting-edge features and high efficiency, Euler Motors is helping reshape how Indian businesses think about cargo transport.
