Delhi-based electric commercial vehicle maker Euler Motors has raised Rs 437.5 crore (around $47 million) in its Series E funding round led by Lightrock, with participation from Hero MotoCorp and Blume Ventures.
Alongside equity funding, the company also secured Rs 250 crore in debt from BlackSoil, Trifecta, InnoVen, and Alteria Capital.
With this round, Euler Motors has raised over Rs 1,420 crore (more than $150 million) to date. Its earlier investors include GIC and British International Investment. The company had previously closed its Series D round of Rs 638 crore ($75 million) in May 2025.
Focus on Expansion and Scale
The fresh capital will be used to expand its product portfolio, increase manufacturing capacity, and scale its presence across India. The company is also looking to strengthen its position in the growing commercial EV segment. Founded in 2018 by Saurav Kumar, Euler Motors builds electric three-wheelers and four-wheelers for cargo and logistics use cases. The company follows an asset-heavy model, combining manufacturing with financing partnerships and after-sales service support.
It primarily caters to e-commerce, hyperlocal delivery, and logistics fleets, aiming to solve last-mile delivery challenges with purpose-built EVs.
Growth and Market Presence
Euler Motors has reported steady growth in recent years. Its revenue increased by 12% to Rs 192.26 crore in FY25, up from Rs 170.82 crore in FY24. During the same period, its losses reduced by 12% to around Rs 200 crore.
The company claims to have:
- Over 15,000 vehicles on the road, including 10,000+ electric three-wheelers
- A 22% market share in the four-wheel cargo segment
- Expanded to 100 touchpoints across India
In the four-wheeler cargo category, production has scaled rapidly from 50 units per month in 2025 to nearly 400 units per month currently.
Product and Expansion Plans
Euler Motors sold 3,050 vehicles in FY25 and is now planning to expand its footprint from around 60 cities and 80 showrooms to 100 cities by the end of the current financial year. The company recently launched its Turbo EV1000, which has already recorded over 1,000 units sold within 80 days of launch.
Competing in a Transitioning Market
While Euler competes with other EV players, its biggest competition continues to be traditional internal combustion engine vehicles powered by diesel, petrol, and CNG.
The company estimates that its vehicles have already helped reduce around 22,000 tonnes of CO₂ emissions, highlighting its contribution to cleaner mobility. With fresh funding and expanding operations, Euler Motors is positioning itself to capture a larger share of India’s rapidly evolving commercial EV market.
– By Shivani Solanki
