Electric commercial vehicle startup Euler Motors has raised Rs 6.38 billion in its latest Series D funding round, with Hero MotoCorp joining as a key strategic investor. The round also saw continued participation from British International Investment (BII), the UK government鈥檚 development finance institution.
The fresh capital will be used to scale up Euler鈥檚 sales and service network across India and accelerate the rollout of new electric vehicle (EV) models. The funding comes at a time of growing demand for electric commercial vehicles, particularly in e-commerce, retail, and last-mile delivery sectors.
鈥淭his funding will enable us to scale operations and deliver high-performance EVs tailored for Indian businesses,鈥� said Saurav Kumar, Founder and CEO of Euler Motors. 鈥淗ero MotoCorp鈥檚 entry reinforces confidence in our mission to lead India's commercial EV transition.鈥�
Founded in 2018 and based in Delhi, Euler Motors is known for its HiLoad EV, an electric three-wheeler cargo vehicle, and the recently launched StormEV鈥擨ndia鈥檚 first light commercial four-wheeler equipped with advanced driver-assistance systems (ADAS).
Hero MotoCorp鈥檚 investment marks its expansion into the electric three- and four-wheeler segment, aligning with its broader sustainability goals. 鈥淭his strategic move supports our vision of sustainable mobility and offers new opportunities in the electric cargo space,鈥� said Dr Pawan Munjal, Executive Chairman of Hero MotoCorp.
BII, which first invested in Euler in 2023, reaffirmed its commitment to supporting India鈥檚 green mobility goals through this latest round.
Euler鈥檚 existing investor base includes Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives. With this round, Euler鈥檚 total funding now stands at nearly Rs 14.2 billion.
The startup positions itself as a full-stack EV manufacturer, designing rugged, India-specific electric vehicles optimised for heavy-duty and last-mile logistics applications.
