Leading electric commercial vehicle manufacturer Euler Motors has announced the successful closing of its Series E funding round by raising ₹437.5 crore (USD 47 million). The round was led by Lightrock, with participation from Hero MotoCorp and Bloom Ventures. Apart from the equity investment, the company also raised ₹250 crore in debt funding from Blacksoil, Trifecta, Innoven and Alteria Capital, further strengthening its growth capital.
Established in 2018, Euler Motors is focused on solving India’s last-mile logistics challenges by designing and manufacturing purpose-built electric commercial vehicles. The company targets sectors where electrification offers strong economic benefits, while turning its attention toward high-payload cargo vehicles. Euler Motors also continues to serve key areas such as e-commerce, hyperlocal delivery and fleet operations.
The company has created a differentiated position in the market by providing high vehicle uptime, attractive operator economics and strong service readiness. Backed by disciplined execution and growing demand for commercial electric mobility, Euler Motors aims to accelerate its expansion and strengthen its footprint in India’s rapidly growing commercial EV ecosystem.
This round marks a significant milestone in the journey of Euler Motors and reflects investors’ continued confidence in the company’s trajectory, execution capability and position in India’s electric commercial mobility market. LightRock has joined the company as a new investor, while Hero MotoCorp and Bloom Ventures have confirmed their support through their participation in this round.
Commenting on the investment, Ademidun (Demi) Adosomwan, Partner and Head of Energy Access at Lightrock, said, “We are proud to partner with Euler Motors and accelerate our mission to transform commercial mobility in India. Euler Motors has built a differentiated platform in electric commercial vehicles with products built for Indian operating conditions and the demands of last-mile logistics. The company is providing practical, scalable solutions that can drive widespread change for clean mobility. Is.”
Commenting on the investment, Harshvardhan Chitale, CEO, Hero MotoCorp, said, “We are excited to support Euler Motors in its latest fundraising, as the company is demonstrating strong momentum in building ecological and scalable solutions. Their commitment towards innovation, operational excellence and long-term value creation aligns closely with our vision of being sustainable and customer centric.”
The proceeds of the round will support the next phase of growth for Euler Motors, with a focus on expanding the product line and manufacturing capacity, growing its network across India, and strengthening the foundation for continued market share growth in the commercial EV segment. This involves sustained investment in core business functions and operational capabilities required to expand in a disciplined manner in target markets.
Euler Motors has established strong credibility in the three-wheeler commercial EV segment and despite being a relatively late entrant into the four-wheeler category, has already emerged as the second largest player in India by market share in the four-wheeler EV segment. The company has also achieved 22% market share in four-wheeler cargo and expanded to 100 touchpoints across the country, reflecting its growing relevance in the commercial electric mobility sector.
Commenting on the development, Saurav Kumar, Founder and CEO, Euler Motors, said, “This round comes at an important stage in Euler Motors’ journey. We are moving from initial scale-up to the next phase of growth, where the focus is on building out products, markets and operations with greater depth and sustainability. We see a significant opportunity in the commercial EV segment where uptime, reliability and operating economics matter most, and we continue to invest with the discipline behind that opportunity. The combination of fresh equity and debt capital strengthens our capability. We are pleased to welcome LightRock as a new investor and are grateful for the continued support of Hero MotoCorp, Bloom Ventures, Innoven, Trifecta and Altria Capital.
The total capital raised so far by Euler Motors is approximately Rs 1,900 crore (US$229 million).