Euler Motors Secures Rs 220 Crore for Growth

Euler Motors is positioned to raise Rs 220 crore, approximately $25 million, through a debt financing round that will be executed in multiple tranches. This initiative follows a significant fundraising effort nine months prior when the HeroMoto Corp-backed company raised Rs 638 crore during its Series D funding.

Funding Details

According to regulatory filings retrieved from the Registrar of Companies (RoC), the company seeks to raise Rs 105 crore (around $11.6 million) in the initial tranche through non-convertible debentures (NCDs). The round is being led by BlackSoil Capital, with support from Trifecta Venture.

Investment Breakdown

In line with this effort, the board of Euler Motors has approved a special resolution to issue up to 10,500 NCDs, each priced at Rs 1,00,000. BlackSoil is set to contribute Rs 75 crore, while Trifecta will provide Rs 30 crore, bringing the total proposed debt raise to Rs 105 crore.

Purpose of the Funds

As detailed in the filing, the fresh capital will be allocated for various purposes, including working capital, capital expenditures, refinancing existing debts, and other general corporate needs.

Company Overview

Founded in 2018, Euler Motors is a commercial electric vehicle startup focused on manufacturing three-wheelers. The company employs an asset-heavy business model that integrates vehicle production with financing partnerships and after-sales services. Its primary market includes e-commerce, hyperlocal delivery, and logistics enterprises in need of cargo-specific EV solutions.

Financial Performance

According to multiple sources from startup data platforms, the Delhi-based firm has attracted over $200 million in total funding thus far, with major investors including Hero MotoCorp, GIC, and British International Investment. In May 2025, Euler Motors successfully completed its Series D round, securing Rs 638 crore.

Recent Financial Results

Financially, Euler Motors reported a 12% year-on-year revenue increase to Rs 192.26 crore in FY25, up from Rs 170.82 crore in FY24. Furthermore, its losses decreased by 12%, amounting to approximately Rs 200 crore during the same period.