Commercial EV Maker Euler Motors Nets ₹437 Cr To Expand Product Portfolio

Electric commercial vehicle maker Euler Motors has raised ₹437.5 Cr ($47 Mn) in a Series E funding round led by new investor Lightrock, with participation from existing investors Hero MotoCorp and Blume Ventures. Alongside the equity infusion, the startup has also secured about ₹250 Cr ($26.6 Mn) in debt from BlackSoil, Trifecta Capital, InnoVen Capital and Alteria Capital.

The startup said that the fresh capital will support its next phase of growth, where it will focus on expanding its product line as well as manufacturing capacity. Besides, it also intends to scale its network across India, and strengthen its 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. The combination of fresh equity and debt capital strengthens our ability to expand capacity, deepen our network and build the operating foundation required for long-term growth,” Euler Motors’ founder and CEO Saurav Kumar said. 

Important to note that Euler Motors raised a similar ₹638 Cr in its Series D funding round in March 2025. Overall, the startup has raised ₹1,900 Cr ($229 Mn) till date. 

Founded in 2018, Euler Motors builds electric three- and four-wheeler commercial vehicles for last-mile logistics. Its products include HiLoad EV in the three-wheeler segment and models such as Storm EV and Turbo EV 1000 in the four-wheeler category.

The startup now claims to be the second-largest player in India’s electric four-wheeler commercial vehicle segment by market share, with around 22% share in the four-wheel cargo category. It operates close to 100 touchpoints across the country.

On the financial front, Euler Motors managed to trim its net loss for the fiscal year FY25 by about 12% to ₹200.2 Cr. Operating revenue for the fiscal under review rose 12% to INR 191.3 Cr in FY25 from INR 170.8 Cr in the previous fiscal year.

The latest fundraise also comes amid increased policy support to push EV adoption in the country, especially in urban logistics hubs. For instance, the Delhi EV Policy 2.0 has shifted towards a scrappage-linked incentive model to push cleaner mobility. The policy has earmarked ₹200 Cr in the 2026-27 budget to accelerate the transition away from high-emission vehicles and promote EV adoption.

Meanwhile, the central government is also banking on its EV incentive program ₹10,900 Cr PM E-DRIVE Scheme to boost EV adoption in the country. Launched in 2024, the scheme provides subsidies for E2Ws, E3Ws, ambulances, and trucks, alongside funding for public charging infrastructure. 

Along with the regulatory push, an increased consumer preference shift is also leading to a rapid expansion in the EV segment. As per Inc42’s India’s Electric Vehicle Startup Landscape Report 2025, the Indian EV market is projected to become a $132 Bn by 2030, expanding by 2.4X from $54 Bn in 2025.

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