Euler Motors secures $47 million for EV expansion.
Indian electric commercial vehicle manufacturer Euler Motors has secured ₹437.5 Cr ($47 million) in a Series E funding round. The round was led by Lightrock, with participation from existing investors Hero MotoCorp and Blume Ventures. The company also obtained ₹250 Cr ($26.6 million) in debt financing from BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital.
The new capital will support Euler Motors’ expansion of its product line and manufacturing capacity. The company also plans to scale its network across India and strengthen operations.
Euler Motors’ founder and CEO, Saurav Kumar, emphasized the company’s focus on commercial EV segments, noting the importance of uptime, reliability, and operating economics. He stated that the funding would enhance the company’s ability to expand capacity and deepen its network.
Founded in 2018, Euler Motors produces electric three- and four-wheeler commercial vehicles for last-mile logistics. Its product lineup includes the HiLoad EV in the three-wheeler segment and the Storm EV and Turbo EV 1000 in the four-wheeler category.
The company claims to hold approximately 22% market share in India’s electric four-wheeler commercial vehicle segment. It operates nearly 100 touchpoints across the country.
Euler Motors reduced its net loss for FY25 by 12% to ₹200.2 Cr, while operating revenue increased by 12% to INR 191.3 Cr.
The funding coincides with increased policy support for EV adoption in India, including the Delhi EV Policy 2.0, which promotes cleaner mobility through a scrappage-linked incentive model, and the central government’s ₹10,900 Cr PM E-DRIVE Scheme, which provides subsidies for various EV types and public charging infrastructure.
According to Inc42’s India’s Electric Vehicle Startup Landscape Report 2025, the Indian EV market is projected to reach $132 billion by 2030, expanding by 2.4X from $54 billion in 2025.
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