Funding · Mobility & Logistics

Euler Motors raises $47M in Series E round

By Startup Enthusiast · 15 April 2026

What they do

Euler Motors makes electric cargo vehicles for companies like BigBasket and Amazon

It raised $47M (Rs 437.5 crore) in Series E funding led by Lightrock, with Hero MotoCorp and Blume Ventures participating

The valuation stayed flat at ~$230M, and the company has raised over $120M in the past year

Euler Motors raised $47M (Rs 437.5 crore) in a Series E round.
The round was led by Lightrock (Energy Access Acceleration Fund) with a maiden investment of Rs 225 crore ($24M).
Existing investor Hero MotoCorp invested an additional Rs 210 crore ($22.6M), after earlier investing Rs 510 crore.
Blume Ventures participated with Rs 2.5 crore.
The company also raised Rs 250 crore in debt from BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital.
The valuation remained flat at Rs 2,137 crore (~$230M), unchanged from the Series D round.
Founder Saurav Kumar's stake diluted to 3.66% (excluding MSOP).

Hero MotoCorp's increased stake to 36.67% makes it the largest shareholder.
The company has raised over $120M in the past year, showing aggressive fundraising.
Losses narrowed 12% to ~Rs 200 crore in FY25, while revenue grew 12% to Rs 192.26 crore.

Euler Motors is an automotive OEM (original equipment manufacturer) for electric cargo vehicles.
It combines manufacturing, financing, and after-sales support for its vehicles.
Its clients include BigBasket and Amazon.
The company was founded in 2018 by Saurav Kumar.
In FY25, it reported revenue of Rs 192.26 crore, up 12% from Rs 170.82 crore in FY24.
Its loss narrowed to ~Rs 200 crore in FY25, from a higher loss the previous year.

Lightrock (lead) — Energy Access Acceleration Fund, made its maiden investment in Euler Motors.
Hero MotoCorp (participant) — Existing investor, invested an additional Rs 210 crore, now holds 36.67% stake.
Blume Ventures (participant) — Existing investor, invested Rs 2.5 crore, holds 5.9% stake.

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.