Euler Motors Raises USD 47 Mn in Series E Round

Electric commercial vehicle maker Euler Motors has raised INR 437.5 crore (about USD 47 million) in a Series E funding round led by Lightrock with participation from Hero MotoCorp and Blume Ventures. The company also secured an additional INR 250 crore in debt funding from BlackSoil, Trifecta Capital, InnoVen Capital and Alteria Capital.

The latest fundraise marks a key milestone for the Delhi-based firm, which has now raised nearly INR 1,900 crore (around USD 229 million) to date. Earlier investors include GIC and British International Investment. In May 2025, the company had completed an INR 638 crore Series D round, underlining continued investor interest in the electric mobility sector.

Founded in 2018 by Saurav Kumar, Euler Motors focuses on electric three-wheeler and four-wheeler cargo vehicles designed for last-mile logistics. Its asset-heavy business model integrates manufacturing, financing partnerships and after-sales service to cater to e-commerce and delivery fleets.

“We are moving from early scale-up to the next phase of growth, where the focus is on building with greater depth and consistency across products, markets and operations,” said Kumar.

The company plans to use the fresh capital to expand its product portfolio, increase manufacturing capacity, and strengthen its nationwide network. It is also aiming to deepen operational capabilities to support long-term market share growth in India’s commercial EV segment.

“We see a significant opportunity in commercial EV segments where uptime, reliability and operating economics matter most and we will continue to invest behind that opportunity with discipline,” Kumar added.

Euler Motors claims to have over 15,000 vehicles on the road, including more than 10,000 electric three-wheelers. In the four-wheeler cargo segment, the company has significantly scaled production, increasing output from about 50 units per month in 2025 to nearly 400 units per month currently. It also reports a 22% market share in the segment and a network of 100 touchpoints across India.

The company operates in a competitive landscape that includes both electric vehicle manufacturers and traditional internal combustion engine vehicles powered by diesel, petrol and CNG. It estimates that its vehicles have helped reduce approximately 22,000 tonnes of carbon dioxide emissions so far.

In FY25, Euler Motors sold 3,050 vehicles and is now targeting further expansion. It plans to grow its presence from around 60 cities and 80 showrooms to 100 cities by the end of the current financial year. Its recently launched Turbo EV1000 has already recorded over 1,000 unit sales within 80 days of launch, reflecting rising demand for electric cargo solutions in India.