Electric Vehicle Startup Euler Motors Raise Funding in Series E

Delhi-based electric vehicle startup Euler Motors has secured ₹437.5 crore (approximately $47 million) in its Series E funding round, led by Lightrock, with participation from Hero MotoCorp and Blume Ventures.

The company also raised an additional ₹250 crore in debt financing from investors, including BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital.

Founded in 2018 by Saurav Kumar, Euler Motors specialises in commercial electric vehicles for last-mile logistics and caters to e-commerce, hyperlocal delivery, and fleet operators. 

Their flagship HiLoad EV is a three-wheeler cargo vehicle with up to 170 km of range, a 688-1000 kg payload, and models priced from ₹4.32 lakh, making it ideal for urban deliveries.

They’ve expanded to four-wheelers like the Storm EV and, recently, the Turbo EV1000, priced at ₹5.99 lakh. Vehicles feature advanced batteries and are offered through mobility-as-a-service, reducing ownership costs.

Euler Motors has already established a strong foothold in the electric three-wheeler segment, alongside players such as Mahindra Last Mile Mobility, Bajaj Auto, Piaggio Vehicles, and Montra Electric. 

In the four-wheeler commercial EV market, they are competing with the likes of Tata Motors (Ace EV), Switch Mobility (IeV series), Mahindra Last Mile Mobility (e-ZEO), and Omega Seiki Mobility (M1KA).

The latest funding marks a key milestone in Euler Motors’ growth journey, signalling strong investor confidence in its execution capabilities and market positioning. 

The fresh investments will be used to expand Euler Motors’ product portfolio, increase manufacturing capacity, and strengthen its presence in India. The company also plans to invest in core operations and infrastructure to support disciplined scaling across key markets.

In January 2025, Euler Motors secured up to US $20 million in debt financing from Zurich-based responsAbility Investments AG.

With this round, the EV startup’s total capital raised stands at approximately ₹1,900 crore ($229 million), reinforcing its position as a key player in India’s rapidly evolving electric commercial mobility sector.

Euler Motor was on the annual list of Change Started 11 Green Startups of the Year 2022.