Euler Motors, a prominent player in the electric commercial vehicle sector, has successfully raised ₹437.5 Cr (approximately $47 million) in a Series E funding round. This round was led by new investor Lightrock, with contributions from existing backers such as Hero MotoCorp and Blume Ventures. Additionally, the company has secured around ₹250 Cr (about $26.6 million) in debt financing from institutions including BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital.
The newly acquired funds will facilitate Euler Motors' growth strategy, focusing on expanding its product lineup and enhancing manufacturing capabilities. The company also plans to grow its network across India and improve its operational framework.
Saurav Kumar, Founder and CEO of Euler Motors, stated: “We see a significant opportunity in commercial EV segments where uptime, reliability, and operating economics matter most. 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.”
Notably, Euler Motors had previously raised ₹638 Cr in its Series D funding round in March 2025. To date, the startup has accumulated a total of ₹1,900 Cr (approximately $229 million) in funding.
Founded in 2018, Euler Motors specializes in electric three- and four-wheeler vehicles designed for last-mile logistics. Their product offerings include the HiLoad EV in the three-wheeler category and the Storm EV and Turbo EV 1000 in the four-wheeler segment.
Currently, Euler Motors holds the position of the second-largest player in India's electric four-wheeler commercial vehicle market, boasting a market share of around 22% in the four-wheel cargo segment. The company operates nearly 100 touchpoints nationwide.
On the financial side, Euler Motors has managed to reduce its net loss for the fiscal year FY25 by approximately 12%, bringing it down to ₹200.2 Cr. Operating revenue for the same fiscal year increased by 12%, reaching ₹191.3 Cr compared to ₹170.8 Cr in the previous year.
This latest funding round aligns with the growing policy support aimed at boosting EV adoption across the country, particularly in urban logistics. For example, the Delhi EV Policy 2.0 has introduced a scrappage-linked incentive model, allocating ₹200 Cr in the 2026-27 budget to promote cleaner mobility.
Furthermore, the central government is relying on its ₹10,900 Cr PM E-DRIVE Scheme to enhance EV adoption, which offers subsidies for electric two-wheelers, three-wheelers, ambulances, and trucks, along with funding for public charging infrastructure.
Alongside regulatory initiatives, a shift in consumer preferences is driving rapid growth in the EV sector. According to Inc42’s India’s Electric Vehicle Startup Landscape Report 2025, the Indian EV market is projected to reach $132 billion by 2030, representing a 2.4X increase from $54 billion in 2025.
