Euler Motors has secured $47 million (approximately ₹390 crore) in a Series E funding round led by Lightrock, with continued backing from existing investors. The round also saw participation from Hero MotoCorp and Blume Ventures, reflecting sustained investor confidence in the company’s growth trajectory and India’s electric mobility ecosystem.
In addition to equity funding, the company raised around ₹250 crore in debt from BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital, further strengthening its capital base.
Founded in 2018 by Saurav Kumar, the Delhi-based company designs and manufactures electric commercial vehicles, focusing on both three-wheeler and four-wheeler cargo segments. Its offerings are tailored for last-mile logistics, catering to sectors such as e-commerce, hyperlocal delivery, and fleet operations. The company follows an asset-heavy model that integrates manufacturing, financing partnerships, and after-sales service support.
The newly raised capital will be deployed to broaden its product portfolio, enhance manufacturing capacity, and expand its sales and service network across India. The company aims to scale its presence from around 60 cities and 80 showrooms to 100 cities within the current financial year, strengthening its nationwide footprint.
“We are moving from early scale-up to the next phase of growth, where the focus is on building with greater depth and consistency across products, markets and operations. We see a significant opportunity in commercial EV segments where uptime, reliability and operating economics matter most, and we will continue to invest behind that opportunity with discipline”, said Saurav Kumar, founder and CEO, Euler Motors.
To date, Euler Motors has raised over ₹1,420 crore (more than $150 million), with investors such as GIC and British International Investment among its key backers. The company had previously closed a ₹638 crore ($75 million) Series D round in May 2025.
On the operational front, Euler Motors reported a 12% year-on-year increase in revenue to ₹192.26 crore in FY25, compared to ₹170.82 crore in FY24. During the same period, its losses declined by 12% to approximately ₹200 crore, indicating improved financial discipline alongside growth.
The company has deployed over 15,000 vehicles on the road, including more than 10,000 electric three-wheelers. In the four-wheeler cargo segment, it has significantly ramped up production—from around 50 units per month in 2025 to nearly 400 units per month currently—while capturing an estimated 22% market share. Its operational network has also expanded to 100 touchpoints nationwide.
Euler Motors recently introduced the Turbo EV1000, which has recorded over 1,000 unit sales within 80 days of launch, reflecting strong market demand.
While competing with other EV manufacturers, the company continues to position itself against traditional internal combustion engine vehicles powered by diesel, petrol, and CNG. It estimates that its operations have contributed to reducing approximately 22,000 tonnes of CO₂ emissions so far.
With a growing product lineup, expanding infrastructure, and increasing adoption of electric mobility, Euler Motors is positioning itself for the next phase of scale in India’s commercial EV market.
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