Euler Motors raises Rs 437.5 crore Series E

Euler Motors, a leading electric commercial vehicle manufacturer, announced its Series E round of INR 437.5 crore (USD $47 million), led by Lightrock, with participation from Hero MotoCorp and Blume Ventures. The round also had an additional INR 250 crores of debt funding from BlackSoil, Trifecta, InnoVen and Alteria Capital.

Founded in 2018, Euler Motors addresses the last-mile logistics challenge in India by designing and manufacturing purpose-built electric commercial vehicles. The company targets segments where electrification economics are strongest, with a growing focus on higher-payload cargo vehicles, while continuing to serve e-commerce, hyper local delivery, and fleet customers. Euler has established a differentiated market position by delivering high uptime, attractive operator economics, and service readiness, all underpinned by disciplined execution.

The round marks an important milestone in Euler Motors’ journey and reflects continued investor confidence in the Company’s trajectory, execution capability, and position in India’s electric commercial mobility market. Lightrock joins the company as a new investor, while Hero MotoCorp and Blume Ventures have reaffirmed their support through their participation in the round.

The proceeds of the round will support Euler Motors’ next phase of growth, with a focus on expanding the product line and manufacturing capacity, scaling its network across India, and strengthening the foundation for continued market share growth in the commercial EV segment. This includes continuedinvestmentinthecorebusinessfunctionsandoperationalcapabilitiesneededtoscaleinadisciplinedway across target markets.