Synopsis
Euler Motors has raised Rs 437.5 crore ($47 million) in a funding round led by Lightrock, with participation from Hero MotoCorp and Blume Ventures. Additionally, the company has secured Rs 250 crore in debt from BlackSoil, Trifecta, InnoVen and Alteria Capital, as it looks to ramp up manufacturing and expand its network.The Delhi-based company plans to double its production capacity from around 1,000 vehicles per month, with a third manufacturing unit set to become operational over the next six months.
Euler Motors plans to invest about Rs 400 crore over the next 18 months across research and development (R&D), tooling, product development and factory expansion, it said.
“Euler has always invested heavily in R&D and building purpose-built EV products rather than retrofits. We will continue investing in batteries, software and localisation,” founder and chief executive Saurav Kumar told ET. “We want to scale to 2,000 vehicles per month. Our third unit will add about 1,000 vehicles per month capacity in four-wheelers.”
Founded in 2018, Euler Motors builds electric three- and four-wheeler cargo vehicles for last-mile logistics. The company currently has about 10% market share in the three-wheeler cargo segment pan-India, rising to 20-22% in cities where it operates. In the four-wheeler cargo EV segment, it has scaled up to a 20-22% market share, Kumar said.
The company reported revenue of Rs 192.26 crore for 2024-25, up 12% from Rs 170.82 crore in the previous year. Kumar said Euler Motors is on track to post 100% revenue growth for 2025-26. It sold around 3,050 vehicles during the year, largely driven by three-wheelers, with capacity utilisation in that segment at about 50% on a single shift.
Euler Motors’ vehicles are present across 60 cities, with plans to expand to 100 cities this year. Kumar said the next phase of growth will hinge on maintaining consistency in customer experience as the company expands into tier-2 and tier-3 markets, while also exploring exports.
The company’s four-wheeler business has gained traction in recent months. After launching the Turbo EV1000 in September 2025, monthly volume in the category surged to 400 units from about 50 units. Four-wheelers now contribute 40-45% of the company’s total sales, with three-wheelers accounting for the rest.
“In three-wheelers, when we entered, there were very few players. Today, all incumbents are present. Despite that, we have maintained around 10% market share pan-India,” Kumar said. “In four-wheelers, we entered later but scaled quickly.”
Kumar said the company will deepen its presence across both segments while focusing on improving existing products rather than entering new categories in the near term. “Investments will be directed towards product iterations across our portfolio, including HiLoad, Turbo and Storm, as well as battery technology and software,” he said.
Competition from internal combustion engine (ICE) vehicles remains a bigger challenge than other EV players, according to Kumar. “EV penetration in four-wheel commercial vehicles is still around 1-2%. The real competition is ICE vehicles,” he said. “If penetration grows to even 10%, that’s a large opportunity.”
Hero MotoCorp currently holds about 35-36% stake in Euler Motors. Kumar said the relationship is focused on long-term value creation rather than integration. “Their approach has been to support independent entrepreneurial execution. There is no immediate intent to merge or absorb the company into Hero,” he said, adding that future possibilities may evolve.
Hero MotoCorp also holds a 30.9% stake in electric two-wheeler maker Ather Energy.
So far, Euler Motors has raised about Rs 1,900 crore ($229 million). The company competes with Mahindra’s Treo, Piaggio, Bajaj’s Maxima, Tata Ace EV, as well as EV startups such as Altigreen and Jupiter.
