Commercial EV maker Euler Motors has raised over $120 million in the past year to support growth, according to Entrackr. The company’s latest round is a $47 million Series E led by Lightrock, with participation from Hero MotoCorp and Blume Ventures. The round has further diluted founder Saurav Kumar‘s stake to 3.66% (excluding ESOP/MSOP pools), while the company has set aside 5.14% for employee equity programs.
Series E Structure and Capital Mix
According to Entrackr’s review of regulatory filings, Euler Motors issued 5,58,780 Series E Cumulative Compulsorily Convertible Preference Shares and 10 equity shares at an issue price of Rs 7,829 to raise Rs 437.5 crore (approximately $47 million).
The Series E was accompanied by a debt raise: Euler Motors secured Rs 250 crore in debt from BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital. This combination of equity-like instruments and debt indicates the company is pursuing multiple funding channels.
Investor Participation and Ownership Structure
Lightrock, through its Energy Access Acceleration Fund, led the round with a Rs 225 crore ($24 million) investment in the firm. Hero MotoCorp added Rs 210 crore ($22.6 million) in the Series E round, following its earlier Rs 510 crore investment. Blume Ventures participated with Rs 2.5 crore.
Following the latest allotment, Hero MotoCorp remains the largest shareholder at 36.67%. Lightrock holds 10.53%, and Blume Ventures owns 5.9%. Founder Saurav Kumar’s stake stands at 3.66%, while 5.14% has been set aside for ESOP and MSOP pools.
Valuation Remains Flat
Euler Motors’ valuation remained flat at Rs 2,137 crore (approximately $230 million) post-allotment, consistent with its Series D round valuation. Prior to this round, the Delhi-based firm had raised over Rs 1,420 crore (more than $150 million), including a Rs 638 crore Series D round.
Business Performance
Euler Motors is an automotive OEM focused on electric cargo vehicles. The company combines manufacturing, financing, and after-sales support, serving clients including BigBasket and Amazon.
According to Entrackr, the company reported a 12% year-on-year increase in revenue to Rs 192.26 crore in FY25 from Rs 170.82 crore in FY24. However, the company continued to incur losses, which narrowed by 12% to approximately Rs 200 crore in FY25.
Source: Entrackr : Latest Posts