Euler Motors Raises Series E Funding

Euler Motors, an electric commercial vehicle manufacturer, has successfully raised Rs 437.5 crore in a Series E funding round led by Lightrock, with participation from Hero MotoCorp and Blume Ventures. Additionally, the company secured Rs 250 crore in debt financing from BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital. The total capital raised by Euler Motors to date now stands at approximately Rs 1,900 crore. The funds will be strategically utilized to expand Euler Motors' product line, increase manufacturing capacity, scale its network across India, and strengthen its operational capabilities. Saurav Kumar, founder and CEO of Euler Motors, emphasized the company's focus on building depth and consistency across products, markets, and operations, particularly in commercial EV segments where reliability and operating economics are crucial. Euler Motors, founded in 2018, specializes in electric three- and four-wheeler commercial vehicles for last-mile logistics, serving sectors like e-commerce and hyperlocal delivery. The company claims a 22% market share in the four-wheel cargo category and plans to expand its presence to 100 cities by the end of the current financial year. This funding round comes amidst increased policy support for EV adoption in India, including initiatives like the Delhi EV Policy 2.0 and the central government's PM E-DRIVE Scheme, which provide incentives and subsidies for electric vehicles and charging infrastructure. The Indian EV market is projected to reach $132 billion by 2030, indicating a significant growth opportunity for companies like Euler Motors.