Electric commercial vehicle manufacturer Euler Motors has successfully raised Rs 437.5 crore (approximately $47 million) in a Series E funding round. The round was led by Lightrock, with contributions from Hero MotoCorp and Blume Ventures. Additional debt funding of Rs 250 crore from BlackSoil, Trifecta, InnoVen, and Alteria Capital further bolstered the company’s financial position.
Founded in 2018 by Saurav Kumar, Euler Motors focuses on producing electric four-wheeler and three-wheeler commercial cargo vehicles. The company’s approach integrates vehicle manufacturing with financing partnerships and after-sales service support, catering to e-commerce, hyperlocal delivery, and logistics fleets.
The funding will be used to enhance product offerings, increase manufacturing capabilities, expand nationwide presence, and strengthen market share in the commercial EV sector. Euler Motors aims to prioritize uptime, reliability, and operational efficiency, aligning with the growing demand for sustainable last-mile logistics solutions in India.
With over 15,000 vehicles already on the road, including a significant fleet of electric three-wheelers, Euler Motors has captured a 22% market share in the four-wheeler cargo segment. The company’s recently launched Turbo EV1000 model has witnessed remarkable success, with over 1,000 units sold within a short period.
Source: Entrackr : Latest Posts