Euler Motors Secures Funding for Electric Commercial Vehicles

Euler Motors, an innovative manufacturer of electric commercial vehicles, has successfully raised Rs 437.5 crore (approximately $47 million) in a Series E funding round. This round was led by Lightrock, with contributions from Hero MotoCorp and Blume Ventures. Additionally, the financing included Rs 250 crore in debt funding from BlackSoil, Trifecta, InnoVen, and Alteria Capital.

Before this round, the Delhi-based firm had accumulated over Rs 1,420 crore (over $150 million) to date, with prominent investors such as Hero MotoCorp, GIC, and British International Investment. In May 2025, Euler Motors concluded its Series D funding round, raising Rs 638 crore ($75 million).

Strategic Expansion Plans

The company plans to utilise the proceeds from this funding to enhance its product range and production capabilities, expand its network across India, and solidify its market share within the commercial electric vehicle sector, as stated in a recent press release.

About Euler Motors

Founded in 2018 by Saurav Kumar, Euler Motors focuses on electric cargo vehicles, including four-wheelers and three-wheelers. The company employs an asset-heavy business model that integrates vehicle manufacturing with financing partnerships and after-sales service. Euler Motors aims to cater to sectors such as e-commerce, hyperlocal delivery, and logistics with electric vehicle solutions tailored for cargo services.

Addressing Logistics Challenges

Based in Delhi, the company is tackling last-mile logistics issues in India by designing and manufacturing electric vehicles specifically for commercial purposes. Euler Motors asserts it has carved out a unique position in the market through high vehicle uptime, beneficial operating economics, and readiness for service, backed by thorough execution.

Growth and Financial Performance

According to Saurav Kumar, the founder and CEO of Euler Motors, the company is transitioning from initial scaling to a more advanced phase of growth. The focus is on developing depth and consistency across products, markets, and operations. The company recognises significant potential in commercial electric vehicle segments, where uptime and reliability are of utmost importance. They plan to continue their disciplined investments in this area.

On the financial front, 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. The company also saw a 12% reduction in losses, which amounted to around Rs 200 crore during the same timeframe.

Market Presence and Competitors

Euler Motors boasts over 15,000 vehicles on the road, including more than 10,000 electric three-wheelers. In the four-wheeler cargo sector, the company has significantly increased production from roughly 50 units per month in 2025 to nearly 400 units per month at present. They claim a 22% market share in the four-wheel cargo category and have expanded to 100 locations across the country.

Although facing competition from various EV manufacturers, the main competition remains from internal combustion engine vehicles powered by diesel, petrol, and CNG. The company estimates it has successfully reduced CO₂ emissions by approximately 22,000 tonnes.

Future Plans

In FY25, the company sold 3,050 vehicles and aims to broaden its market reach. They plan to expand from approximately 60 cities and 80 showrooms to 100 cities by the close of the current fiscal year. Recently, Euler Motors launched the Turbo EV1000, with over 1,000 units sold within the first 80 days of its release.