Electric commercial vehicle maker Euler Motors has secured Rs 437.5 crore (around $47 million) in a Series E funding round led by Lightrock, with participation from Hero MotoCorp and Blume Ventures.
In addition to equity funding, the company has also raised Rs 250 crore in debt from investors including BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital.
Strong Funding Momentum Continues
With this latest round, Euler Motors continues to build on its strong fundraising track record. The company has raised over Rs 1,420 crore (more than $150 million) to date, backed by prominent investors such as GIC and British International Investment. Earlier in May 2025, it closed a Series D round worth Rs 638 crore ($75 million).
Expansion Plans and Growth Strategy
The fresh capital will be used to:
- Expand its electric commercial vehicle portfolio
- Scale up manufacturing capacity
- Strengthen its nationwide sales and service network
- Accelerate market share growth in the commercial EV segment
Founded in 2018 by Saurav Kumar, Euler Motors focuses on electric three-wheelers and four-wheelers designed for cargo and logistics use. The company operates an asset-heavy model, integrating manufacturing, financing partnerships, and after-sales services.
Targeting India’s Logistics Backbone
Euler Motors is positioning itself as a key player in India’s last-mile delivery ecosystem, catering to sectors such as e-commerce, hyperlocal delivery, and logistics fleets. Its purpose-built EVs are designed to deliver high uptime, cost efficiency, and operational reliability.
Speaking on the development, founder and CEO Saurav Kumar stated that the company is entering a new phase of growth focused on scaling operations with consistency and depth across markets and product lines.
Financial Performance Improves
The company has shown steady financial progress. In FY25, Euler Motors reported:
- Revenue growth of 12% to Rs 192.26 crore
- A 12% reduction in losses to around Rs 200 crore
This indicates improving operational efficiency as the company scales its business.
Growing Market Presence
Euler Motors claims a strong and expanding footprint:
- Over 15,000 vehicles deployed on Indian roads
- More than 10,000 electric three-wheelers in operation
- Around 22% market share in the four-wheel cargo EV segment
- Expansion to 100+ touchpoints nationwide
The company has significantly ramped up production in the four-wheeler cargo segment, increasing output from nearly 50 units per month in 2025 to about 400 units currently.
New Launch and Future Outlook
Euler Motors recently launched the Turbo EV1000, which has already crossed 1,000 unit sales within just 80 days. The company now aims to expand its presence from around 60 cities to 100 cities within the current financial year.
While competition exists within the EV segment, the company identifies traditional internal combustion engine vehicles as its primary competitor. It estimates that its operations have already helped reduce approximately 22,000 tonnes of CO₂ emissions.