Electric commercial vehicle manufacturer Euler Motors has raised Rs 437.5 crore (approximately $47 million) in a Series E funding round led by Lightrock, along with participation from Hero MotoCorp and Blume Ventures.
The round also included an additional Rs 250 crore in debt funding from BlackSoil, Trifecta, InnoVen, and Alteria Capital.
Before this round, the Delhi-based firm had raised over Rs 1,420 crore (over $150 million) to date, with Hero MotoCorp, GIC, and British International Investment among its lead investors. In May 2025, Euler Motors completed its Rs 638 crore ($75 million) Series D round.
The proceeds will be channeled towards expanding the product line and manufacturing capacity, scaling its network across India, and strengthening the foundation for continued market share growth in the commercial EV segment, Euler Motors said in a press release.
Launched in 2018 by Saurav Kumar, Euler Motors is an automotive OEM focused on electric four-wheeler and three-wheeler commercial cargo vehicles. It follows an asset-heavy model, combining vehicle manufacturing with financing partnerships and after-sales service support. The company targets e-commerce, hyperlocal delivery, and logistics fleets with cargo-focused EV solutions.
The Delhi-based company addresses last-mile logistics challenges in India by designing and manufacturing purpose-built electric commercial vehicles. The company says it has established a differentiated market position by delivering high uptime, attractive operator economics, and service readiness, all underpinned by disciplined execution.
"We are moving from early scale-up to the next phase of growth, where the focus is on building with greater depth and consistency across products, markets and operations. We see a significant opportunity in commercial EV segments where uptime, reliability and operating economics matter most, and we will continue to invest behind that opportunity with discipline", said Saurav Kumar, founder and CEO, Euler Motors.
On the financial side, Euler Motors reported a 12% year-on-year increase in revenue to Rs 192.26 crore in FY25 from Rs 170.82 crore in FY24, while its losses also reduced by 12% to around Rs 200 crore during the same period.
Euler Motors claims to have over 15,000 vehicles on the road, including more than 10,000 electric three-wheelers. In the four-wheeler cargo segment, the company has rapidly scaled production from about 50 units per month in 2025 to nearly 400 units per month currently. It also claims to have secured a 22% market share in four-wheel cargo and expanded to 100 touchpoints across the country.
While the company competes with other EV manufacturers, its primary competition remains internal combustion engine vehicles powered by diesel, petrol, and CNG. The company estimates it has already reduced around 22,000 tonnes of CO₂ emissions.
In FY25, the company sold 3,050 vehicles and is now targeting a wider market footprint, with plans to expand from around 60 cities and 80 showrooms to 100 cities by the end of the current financial year. It has recently launched the Turbo EV1000, with over 1,000 units sold within just 80 days of launch.