Euler Motors Raises $47 Mn in Series E Round Led by Lightrock

Electric commercial vehicle maker Euler Motors has raised Rs 437.5 crore (about $47 million) in a Series E funding round led by Lightrock. The round also saw participation from Hero MotoCorp and Blume Ventures. In addition, the company secured Rs 250 crore in debt from BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital.

The fresh capital will support product expansion, manufacturing scale-up, and network growth across India. The company aims to strengthen its position in the commercial EV segment.

Expansion Plans and Market Focus

Founded in 2018 by Saurav Kumar, Euler Motors focuses on electric cargo vehicles for three- and four-wheeler applications. It targets e-commerce, hyperlocal delivery, and logistics fleets. The company follows an asset-heavy model. It combines manufacturing, financing partnerships, and after-sales service.

Euler Motors plans to expand its footprint from around 60 cities to 100 cities this financial year. It will also scale showrooms and service touchpoints nationwide. The company currently operates over 100 touchpoints.

Growth, Scale, and Financial Performance

The firm has raised over Rs 1,420 crore to date. Key investors include Hero MotoCorp, GIC, and British International Investment. In May 2025, it closed its Series D round worth Rs 638 crore.

Euler Motors reported a 12 percent rise in revenue to Rs 192.26 crore in FY25. Losses narrowed by 12 percent to around Rs 200 crore. The company has over 15,000 vehicles on the road, including more than 10,000 electric three-wheelers.

Production in the four-wheeler cargo segment has scaled rapidly. Monthly output rose from about 50 units in 2025 to nearly 400 units now. The company claims a 22 percent market share in this segment.

Product Momentum and Industry Shift

Euler Motors recently launched the Turbo EV1000. It sold over 1,000 units within 80 days. The company continues to compete with traditional internal combustion vehicles. It highlights better uptime, lower operating costs, and service readiness as key advantages.

The company estimates it has reduced around 22,000 tonnes of CO2 emissions. It sold 3,050 vehicles in FY25 and is now targeting faster growth in India’s last-mile logistics market.