Highlights
Euler Motors Secures $47 Million in Funding
Euler Motors has positioned itself as a prominent player in the commercial electric vehicle market by successfully raising over $120 million within the last year to support its expansion. The latest achievement for the company is a $47 million injection from a Series E funding round led by Lightrock. Despite these successes, the founder’s ownership has experienced significant dilution, now dropping to below 4%, excluding the MSOP.
Insights into the Series E Funding Round
To gain further insights into Euler’s recent Series E funding, Startup Superb meticulously examined the company’s regulatory documents. These filings provide clarity regarding the breakdown of the round, the shareholding distribution, and the current valuation of the company.
According to the regulatory filings, Euler Motors has issued 558,780 Series E Cumulative Compulsorily Convertible Preference Shares and 10 equity shares, priced at Rs 7,829, to raise Rs 437.5 crore, approximately $47 million. Lightrock led this round through its Energy Access Acceleration Fund with an initial investment of Rs 225 crore ($24 million) in the company. In addition, Hero MotoCorp, building on its previous Rs 510 crore investment, contributed another Rs 210 crore ($22.6 million) during this Series E round. Existing investor Blume Ventures also participated with Rs 2.5 crore.
Debt Financing and Valuation
In addition to equity funding, Euler Motors acquired Rs 250 crore in debt from BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital. Startup Superb estimates that the valuation of Euler Motors remains unchanged at Rs 2,137 crore, or about $230 million, post-allotment. For reference, this valuation had also been stable during the Series D round.
Historical Funding and Stake Distribution
Before this round, the Delhi-based company had raised over Rs 1,420 crore (more than $150 million) through various funding efforts, including a Rs 638 crore Series D round. Following the recent funding, Hero MotoCorp has emerged as the largest shareholder with a stake of 36.67%. New investor Lightrock now holds 10.53%, whereas existing investor Blume Ventures owns 5.9%. The stake of founder Saurav Kumar has diluted to 3.66%, with 5.14% allocated for ESOP and MSOP pools.
About Euler Motors
Founded in 2018 by Saurav Kumar, Euler Motors is an original equipment manufacturer (OEM) concentrating on electric cargo vehicles. The company effectively integrates manufacturing, financing, and after-sales support, serving a range of clients including BigBasket and Amazon.
Financial Performance
On the financial side, Euler Motors reported a modest 12% increase in revenue year-on-year, reaching Rs 192.26 crore in FY25, up from Rs 170.82 crore in FY24. Nevertheless, the company continues to face substantial losses, which, despite a 12% reduction, remain around Rs 200 crore in FY25.
