Electric commercial vehicle manufacturer Euler Motors raises Rs 437.5 crore to scale its business

Euler Motors, an electric commercial vehicle manufacturer, has raised Rs 437.5 crore in a funding round led by Lightrock, with participation from Hero MotoCorp and Blume Ventures.

The round also had an additional Rs 250 crore of debt funding from BlackSoil, Trifecta, InnoVen and Alteria Capital.

Founded in 2018 by Saurav Kumar, Euler Motors designs and manufactures purpose-built electric commercial vehicles. The company targets segments where electrification economics are strongest, with a growing focus on higher-payload cargo vehicles, while continuing to serve e-commerce, hyperlocal delivery, and fleet customers.

Commenting on the investment, Ademidun (Demi) Edosomwan, Partner and Head of Energy Access at Lightrock, said, “We are proud to partner with Euler Motors and accelerate their mission to transform commercial mobility in India. Euler Motors has built a differentiated platform in electric commercial vehicles with products purpose-built for Indian operating conditions and the demands of last-mile logistics. The company is delivering practical, scalable solutions that can drive the wider transition to clean mobility.”

Commenting on the investment, Harshavardhan Chitale, CEO, Hero MotoCorp, Hero MotoCorp, said, “We are excited to support Euler Motors in its latest fundraise, as the company continues to demonstrate strong momentum in building ecological and scalable solutions. Their commitment to innovation, operational excellence and long-term value creation aligns closely with our vision of being sustainable and customer centric.”

The company said the raised proceeds will be used for the next phase of growth, with a focus on expanding the product line and manufacturing capacity, scaling its network across India, and strengthening the foundation for continued market share growth in the commercial EV segment. This includes continued investment in the core business functions and operational capabilities needed to scale in a disciplined way across target markets.