Euler Motors Secures ₹638 Crores in Series D Funding

A remarkable Rs 638 Crores has been raised by Euler Motors in their Series D funding round. This round was conducted by Hero MotoCorp in joint collaboration from current investor British International Investment (BII), a UK’s development finance institution. The raised amount will be utilised to increase the company’s sales and product development.

Euler Motors is involved in manufacturing electric commercial vehicles. Collaborating with Euler Motors are Blume Ventures, Athera Partners, Asian Development, Bank Ventures, and Piramal Alternatives Access Fund. The total amount raised by Euler Motors in the complete round is close to Rs 1,420 crores at the current moment. 

The vehicles manufactured by the company are under the use of logistics, retail, and e-commerce sectors. The vehicle line-up consists of HiLoad EV, three-wheeler, and the StormEV, which is a four-wheeler light commercial vehicle featuring ADAS technology. 

The Founder and CEO of Euler Motors, Saurav Kumar expressed his thoughts on this and said, “We are honoured to welcome Hero MotoCorp on board as a strategic investor for the company. With the latest investments and strategic support from new and existing investors, we have developed a vision to expand our production scale and continue to innovate our products and services, thus initiating a first step towards becoming India’s No 1 commercial EV company.” 

The Executive Chairman of Hero MotorCorp, Dr. Pawan Munjal also expressed his joy on this strategic collaboration and said, “This strategic investment will lead Euler Motors towards organic and inorganic growth, while displaying the power of strategic partnership and innovation in this rapidly advancing market. As a global Automotive leader, Hero MotorCorp’s core principles include innovation, sustainability and manufacturing products as per consumer approach. This investment will allow Hero MotorCorp to expand in highly competitive electric three and four-wheeler markets.”