Delhi-based electric commercial vehicle startup Euler Motors has secured Rs 638 crore in a Series D funding round, according to a statement released on 19 May.

The round was led by Hero MotoCorp, the world’s largest two-wheeler manufacturer, with participation from British International Investment (BII), the UK government’s development finance institution.

With this latest infusion, Euler Motors’ total funding has reached Rs 1,420 crore. Previous backers include Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives.

The company plans to use the funds to scale its national sales and service network and accelerate the development of new electric vehicle models.

“This funding will help us ramp up operations and bring innovative, high-performance commercial EVs to more Indian businesses,” said Saurav Kumar, Founder and CEO of Euler Motors.

He added that Hero MotoCorp’s support affirms the startup’s mission to lead India’s commercial EV market and reflects rising confidence in the country’s electric mobility transition.

Pawan Munjal, Executive Chairman of Hero MotoCorp, said, “This strategic investment is part of Hero’s broader growth strategy in the evolving mobility ecosystem, It opens up new opportunities in electric cargo mobility while aligning with our commitment to sustainable innovation,”

Founded in 2018, Euler Motors is an automotive OEM specialising in electric commercial vehicles. The company focuses on developing India-specific EV solutions to speed up the transition to clean transportation.

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