Funding · Mobility & Logistics

Euler Motors raises ₹437.5 crore in Series E

By Startup Enthusiast · 24 March 2026

What they do

Euler Motors builds electric three- and four-wheeler commercial vehicles for last-mile logistics

It raised ₹437.5 crore equity led by Lightrock, plus ₹250 crore debt, with Hero MotoCorp and Blume Ventures participating

The company plans to double manufacturing capacity to 2,000 vehicles per month and expand from 60 to 100 cities

Euler Motors raised ₹437.5 crore ($47 million) in Series E equity funding.
The round was led by Lightrock, a new investor.
Existing investors Hero MotoCorp and Blume Ventures also participated.
The company also raised ₹250 crore in debt from BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital.
Total capital raised to date is approximately ₹1,900 crore ($229 million).
Funds will be used to expand product line, manufacturing capacity, and scale the network across India.
Manufacturing capacity will double to 2,000 vehicles per month.
The company plans to expand from 60 to 100 cities.

Euler Motors is the second-largest player in India's electric four-wheeler commercial vehicle segment.
It holds a 22% market share in the four-wheel cargo category.
The Indian EV market is projected to grow from $54 billion in 2025 to $132 billion by 2030.
Government schemes like Delhi EV Policy 2.0 and PM E-DRIVE Scheme support EV adoption.

Euler Motors builds electric three- and four-wheeler commercial vehicles for last-mile logistics.
Its products include the HiLoad EV (three-wheeler), Storm EV, and Turbo EV 1000 (four-wheelers).
It is the second-largest player in India's electric four-wheeler commercial vehicle segment.
It holds a 22% market share in the four-wheel cargo category.
It has a 10% market share in the electric three-wheeler cargo segment.
The company operates close to 100 touchpoints across India.
In FY25, operating revenue was ₹191.3 crore, up 12% from ₹170.8 crore in FY24.
Net loss in FY25 was ₹200.2 crore, down about 12% from the previous year.

Expand product line and manufacturing capacity.
Double manufacturing capacity to 2,000 vehicles per month.
Scale presence from 60 to 100 cities.
Invest about ₹400 crore over the next 18 months in R&D, manufacturing, product development, and localization.
Expand in the three-wheeler passenger segment with a slow and steady approach.

Lightrock (lead) — Global impact investor; partner and head of energy access is Ademidun (Demi) Edosomwan.
Hero MotoCorp (existing) — India's largest two-wheeler manufacturer; CEO is Harshavardhan Chitale.
Blume Ventures (existing) — Early-stage venture capital firm based in India.
BlackSoil (debt) — Alternative credit platform.
Trifecta Capital (debt) — Venture debt firm.
InnoVen Capital (debt) — Venture debt provider.
Alteria Capital (debt) — Venture debt fund.

Product: Manufactures and sells electric commercial vehicles, including cargo three-wheelers and four-wheelers.
Customers: Businesses and fleet operators buying commercial electric vehicles.
How it makes money: It makes money through direct sales of electric commercial vehicles.
What sets it apart: Specialises in the electric cargo segment and is expanding from three-wheelers into four-wheelers.
Operations: Has manufacturing capacity in Palwal, Haryana, and is scaling production across India.