**Euler Motors Secures ₹638 Crore Funding to Expand Electric Vehicle Operations**
Euler Motors, a Delhi-based electric commercial vehicle manufacturer, has successfully closed a ₹638 crore Series D funding round led by Hero MotoCorp. This funding aims to bolster the company’s growth strategy, with plans to double its revenue within the next 12 to 15 months and achieve profitability by 2029.
Founded in 2018, Euler Motors specializes in electric three- and four-wheeler vehicles. The company intends to significantly expand its sales and distribution network from 40 cities to 80-100 cities across India in the coming year. Saurav Kumar, the founder and CEO of Euler Motors, emphasized that this investment will enhance their market presence and enable the development of improved products for customers.
Hero MotoCorp’s investment of ₹525 crore will secure a 32.5% stake in Euler Motors, marking the entry of the leading two-wheeler manufacturer into the electric three-wheeler market. Kumar noted the potential for synergies between Hero and Euler, stating, “While this is primarily an investment, we aim to leverage their insights to enhance our operations.”
Other notable investors in this funding round include British International Investment (BII), the UK’s development finance institution. Prior to this funding, Kumar held a 9.82% stake in the company.
Despite facing challenges, including a reported loss of ₹226 crore in FY2024 against a revenue of ₹189 crore, Kumar remains optimistic about the company’s trajectory. He stated, “Profitability and scale go hand in hand in the auto segment. As we increase sales and improve gross margins, profitability should follow.”
In FY2025, Euler Motors sold approximately 3,226 electric three-wheelers, primarily targeting the commercial vehicle sector. The company competes with established players such as Bajaj Auto, Mahindra & Mahindra, and Piaggio Group, while its presence in the four-wheeler segment is still developing.
As the electric vehicle market continues to evolve, Euler Motors is poised to play a significant role in shaping the future of sustainable transportation in India.
**FAQ**
**What is Euler Motors’ goal following the recent funding?**
Euler Motors aims to double its revenue in the next 12-15 months and achieve profitability by 2029, supported by an aggressive expansion of its sales network.