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Hero MotoCorp Ltd, India’s largest two-wheeler manufacturer, has announced an additional investment of 275 crore in electric vehicle maker Euler Motors. The investment will be made in one or more tranches by April 2026 and will include a mix of primary and secondary transactions.
According to the company’s exchange filing, the proposed infusion will increase Hero MotoCorp’s stake in Euler Motors from 34.1% to around 36% on a fully diluted basis. The primary investment will be made through Series E compulsory convertible preference shares, while a portion of the amount may also be used to acquire shares from existing shareholders through secondary transactions.
Hero MotoCorp said the investment aligns with its strategy to strengthen and diversify its presence in emerging mobility segments. The company aims to enhance its participation in the rapidly growing electric three- and four-wheeler market, driven by rising demand for sustainable commercial mobility solutions.
The investment comes at a time when Euler Motors is focused on scaling operations and improving financial performance. The company has stated that it plans to double its revenue in the current fiscal year and work towards achieving EBITDA breakeven by the end of the decade. Euler Motors designs, manufactures, and sells electric three- and four-wheelers primarily for the commercial segment and currently operates in 64 cities across India. For the financial year ended March 31, 2025, the company reported a turnover of ₹191 crore.
India’s electric commercial vehicle market is witnessing strong growth, supported by increasing demand from last-mile delivery and urban transport operators. Established automakers and startups alike are stepping up investments to gain market share. Hero MotoCorp is also the largest shareholder in electric two-wheeler manufacturer Ather Energy.
Separately, Hero MotoCorp has approved investments of up to 3.25 crore and 4.67 crore for solar power wheeling projects at its Haridwar and Neemrana manufacturing plants, respectively. For these projects, the company will partner with CleanMax Enviro Energy Solutions Ltd to set up special purpose vehicles under the group captive mechanism.
The company said these initiatives are aimed at expanding its renewable energy footprint and reducing the carbon footprint of its manufacturing operations, underscoring its parallel focus on electric mobility growth and sustainability.
