Euler Motors Raises Rs 638 Crore Series D Led by Hero MotoCorp

Euler Motors, an Indian electric commercial vehicle manufacturer, raised Rs 638 crore in a Series D funding round led by Hero MotoCorp, marking the latter's strategic entry into the electric three- and four-wheeler market. Existing investor British International Investment (BII), along with other backers like Blume Ventures and Piramal Alternatives, also participated, bringing Euler's total funding to approximately Rs 1,420 crore. The fresh capital will be used to expand Euler's nationwide sales and service network and accelerate new product development, including the HiLoad EV three-wheeler and the StormEV, India's first ADAS-equipped light commercial four-wheeler. Founder and CEO Saurav Kumar highlighted that the investment strengthens Euler's vision to become India's leading commercial EV brand. Hero MotoCorp's Executive Chairman, Pawan Munjal, emphasized the investment aligns with their sustainability and growth strategy to diversify in emerging mobility segments. The funding round underscores the growing adoption of commercial EVs in India's e-commerce, retail, and logistics sectors and reflects confidence in the sector's future growth potential.