The proceeds will support Euler Motors’ next phase of growth, with a focus on expanding the product line and manufacturing capacity.
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Euler Motors, an automotive OEM startup, has raised ₹437.5 crore ($47 million) in a Series E funding round led by Lightrock, with participation from Hero MotoCorp and Blume Ventures.
The company also secured an additional ₹250 crore in debt financing from BlackSoil, Trifecta Capital, InnoVen Capital and Alteria Capital.
The company said that total capital raised to date stands at approximately ₹1,900 crore (USD $229 million).
Saurav Kumar, Founder and CEO, Euler Motors, said, “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. The combination of fresh equity and debt capital strengthens our ability to expand capacity, deepen our network and build the operating foundation required for long-term growth.”
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The company said that the funding will support its’ next phase of growth, with a focus on expanding the product line and manufacturing capacity, scaling network across India, and strengthening the foundation for continued market share growth in the commercial EV segment.
It added that this includes continued investment in the core business functions and operational capabilities needed to scale in a disciplined way across target markets.
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Founded in 2018, Euler Motors focuses on electric commercial vehicles for last-mile logistics, serving segments such as e-commerce, hyperlocal delivery and fleet operations.
