New Delhi, March 24 Electric commercial vehicle maker Euler Motors announced on Tuesday that it has raised ₹437.5 crore (USD 47 million) in a funding round led by Lightrock, with participation from existing investors Hero MotoCorp and Blume Ventures.
The Series E round also included an additional ₹250 crore in debt funding from BlackSoil, Trifecta, InnoVen, and Alteria Capital, the company said in a statement.
"This round comes at an important stage in Euler Motors' journey. We are moving from early-stage growth to the next phase, where the focus is on building with greater depth and consistency across products, markets, and operations," said Saurav Kumar, Founder and CEO of Euler Motors.
The proceeds from the round will support Euler Motors' next phase of growth, with a focus on expanding its product line and manufacturing capacity, scaling its network across India, and strengthening its foundation for continued market share growth in the commercial EV segment.
"Euler Motors has built a differentiated platform in electric commercial vehicles with products specifically designed for Indian operating conditions and the demands of last-mile logistics," said Ademidun (Demi) Edosomwan, Partner and Head of Energy Access at Lightrock.
The company is delivering practical and scalable solutions that can drive the wider transition to clean mobility, Edosomwan added.
Harshavardhan Chitale, CEO of Hero MotoCorp, said that Euler Motors continues to demonstrate strong momentum in building ecological and scalable solutions.
"Their commitment to innovation, operational excellence, and long-term value creation aligns closely with our vision of being sustainable and customer-centric," he added.
With this latest round, Euler Motors said that its total capital raised to date stands at approximately ₹1,900 crore (USD 229 million).
