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Euler Motors raises Rs 638 Cr in Series D funding round

EntrackrEntrackr ยท 1m ago
Euler Motors raises Rs 638 Cr in Series D funding round
Medial

Euler Motors raises Rs 638 Cr in Series D funding round Commercial electric vehicle manufacturer Euler Motors has raised Rs 638 crore (approximately $75 million) in its Series D round, led by Hero MotoCorp, along with participation from existing investor British International Investment (BII). This latest infusion will be instrumental in expanding the companyโ€™s sales and service network, while advancing new product development to accelerate Indiaโ€™s commercial EV adoption. Last month, the company announced a $60 million investment from Hero MotoCorp. Entrackr also reported that British International Investment and Caladium Investment (GIC) contributed Rs 96 crore ($11.3 million) and Rs 32 crore ($3.76 million), respectively, in the Series D round. According to Entrackrโ€™s estimates, Euler Motors' valuation remains flat at $176 million. Euler Motors has secured investments from prominent backers such as Blume Ventures, Athera Partners, Asian Development Bank Ventures, and the Piramal Alternatives India Access Fund. With the latest funding round, the company's total capital raised stands at approximately Rs 1,420 crore. Launched in 2018, Euler Motors specializes in the production of EV three-wheelers. The company has seen strong adoption across the e-commerce, retail, and logistics segments, backed by a growing portfolio of electric vehicles, including the HiLoad EV and the StormEV. โ€œThis is a strong vote of confidence both in Indiaโ€™s commercial electric mobility future and in Euler Motorsโ€™ execution and products. With this fresh capital and strategic backing from new and existing investors, we are poised to accelerate our scale, continue innovating to deliver superior products, and come a few steps closer towards becoming Indiaโ€™s No. 1 commercial EV brand,โ€ said Saurav Kumar, founder and CEO of Euler Motors. Euler Motors reported a more than threefold increase in operating revenue year-on-year to Rs 189 crore in FY24 from Rs 62 crore in FY23. Despite this growth, the company posted a loss of Rs 227 crore during the same period. Euler competes with players like Altigreen, Mahindra Electric, Piaggio, Kinetic Green, Tata, and others.

Euler Motors raises $24 Mn led by Piramal Alternatives

EntrackrEntrackr ยท 1y ago
Euler Motors raises $24 Mn led by Piramal Alternatives
Medial

Commercial electric vehicle manufacturer โ€‹โ€‹Euler Motors has raised Rs 200 crore ($24 million) more in Series C round led by new investor Piramal Alternatives India Access Fund. Existing investors British International Investment and Blume Ventures also participated in the funding tranche. Euler Motors will utilize the fresh proceeds for pan-India presence and raising servicing infrastructure in 40 cities by March 2025, Euler Motors said in a press release. With this, the Delhi-based company also claimed to raise Rs 570 crore ($68.6 million) in its series C round. The firm had raised Rs 120 crore (approximately $14.5 million) in an extended Series C round co-led by British International Investment and Blume Ventures in November last year. It has raised Rs 770 crore ($92 million) to date. As per startup data intelligence platform TheKredible, Euler was valued at around $160 million during an extended Series C round in November 2023. According to Euler Motors, its commercial electric vehicles collectively transported goods over 45 million kilometers. The companyโ€™s flagship model HiLoad EV claims to be the most powerful electric cargo three-wheeler, with a range of 170 kilometers. In FY24, the company claims to have sold 3,700 vehicles and expanded its presence from 5 to 22 cities. On the lines of many startups, Euler also laid off 10% of its employees to cut costs and navigate through a tight funding environment. For the fiscal year ending in March 2023, Euler registered Rs 61.53 crore in revenue from operations against Rs 17.57 crore in FY22. As per TheKredible, its losses spiked nearly 5X to Rs 174.73 crore in FY23 from Rs 36.33 crore in the previous year. The heavy losses could be attributed to investment made by the firm in creating infrastructure and facilities. In the electric three-wheeler space, it competes with Altigreen and legacy players like Mahindra Electric, Piaggio, Kinetic Green, and Tata, among others.

Exclusive: Hero MotoCorp to lead Euler Motorsโ€™ Series D funding

EntrackrEntrackr ยท 4m ago
Exclusive: Hero MotoCorp to lead Euler Motorsโ€™ Series D funding
Medial

Exclusive: Hero MotoCorp to lead Euler Motorsโ€™ Series D funding Commercial electric vehicle manufacturer โ€‹โ€‹Euler Motors is in talks to raise up to $50 million in its Series D round led by Hero MotoCorp, according to two sources familiar with the matter. In May 2024, the firm raised $24 million in an extended Series C round led by new investor Piramal Alternatives India Access Fund. Existing investors British International Investment and Blume Ventures also participated. โ€œHero MotoCorp will lead the round along with existing investors including Caladium Investments (GIC),โ€ said one of the sources requesting anonymity as talks are yet to be public. According to sources, the round is yet to be fully subscribed and the company may end-up raising anywhere between $45 to $50 million. The Delhi-based company already raised $20 million in debt from responsAbility Investments AG last month. According to startup data intelligence platform TheKredible, Euler has raised over $110 million and is currently valued at around $160-170 million. Queries sent to Euler, Hero MotoCorp, and GIC did not elicit a response until the publication of the story. Launched in 2018 by Saurav Kumar, Euler Motors claims that its commercial electric vehicles have covered a total distance of over 45 million kilometers in goods transportation. The company's flagship model, the HiLoad EV, is claimed to be the most powerful electric cargo three-wheeler, offering a range of 170 kilometers. For the fiscal year ending in March 2024, Euler Motorsโ€™ operating revenue soared 3X to Rs 189 crore in FY24 from Rs 62 crore in the previous fiscal year. During FY24, the company posted a net loss of Rs 226.9 crore. In FY24, the company sold 3,700 vehicles and expanded its footprint from five to 22 cities. In the electric three-wheeler segment, Euler Motors competes with Altigreen, as well as established players like Mahindra Electric, Piaggio, Kinetic Green, Tata, and others. It's worth noting that Hero MotoCorp was reportedly in talks to invest Rs 900 crore in Bengaluru-based startup Altigreen. The entry of Hero MotoCorp would certainly raise a few eyebrows, but the decision is not as unexpected as it seems. Hero MotoCorp will find the three wheeler commercial category worth a relook now that it is looking to become EV led, creating a fresh opportunity for many players. With its stake in two wheeler EV firm Ather already at 40%, the Heroโ€™s $5 billion balance sheet can well afford a stake in Euler, before it takes a strategic call to go big possibly. But for industry watchers, it is an enticing prospect indeed.

Exclusive: Euler Motorsโ€™ valuation remains flat in Series D round

EntrackrEntrackr ยท 2m ago
Exclusive: Euler Motorsโ€™ valuation remains flat in Series D round
Medial

Exclusive All Stories Exclusive: Euler Motorsโ€™ valuation remains flat in Series D round Commercial electric vehicle manufacturer โ€‹โ€‹Euler Motors is raising Rs 638 crore (around $75 million) in its Series D round led by Hero MotoCorp. The company has already announced a $60 million investment from Hero MotoCorp, and the round is expected to see further participation from other existing investors. While the investment will provide a much-needed breather for Euler, which has been seeking funds for some time, the Delhi-based company will have to settle for a flat valuation in this round. To delve deeper into Eulerโ€™s latest funding round, Entrackr has reviewed the companyโ€™s regulatory filings to uncover details such as the round's breakdown, shareholding structure, and current valuation. The board at Euler Motors has passed a special resolution to approve the issue of 8,33,047 Series D Cumulative Compulsorily Convertible Preference Shares and 10 equity shares at an issue price of Rs 7,659 to raise Rs 638 crore or $75 million. Hero MotoCorp led the round with an investment of Rs 510 crore ($60 million) whereas British International Investment and Caladium Investment (GIC) will contribute Rs 96 crore ($11.3 million), Rs 32 crore ($3.76 million), respectively. As per Entrackrโ€™s estimates, the Saurav Kumar-led company is expected to be valued at approximately Rs 1,496 crore ($176 million) post-allotment, reflecting a flat valuation compared to the previous round. According to startup data intelligence platform TheKredible, Euler Motors has raised around $128 million prior to this round including debt and equity. Following the allotment of Series D round, Hero MotoCorp will be the largest external shareholder in the company with 34.10%. Caladium Investment (GIC) and British International Investment will hold 18.00% and 10.40% stakes respectively. Launched in 2018, Euler Motors is a commercial electric vehicle startup specializing in the production of three-wheelers. The company has deployed its EV fleets for major clients such as BigBasket, Ecom Express, Amazon, and Udaan. On a year-on-year basis, Euler recorded over a 3X jump in its operating revenue, reaching Rs 189 crore in FY24 from Rs 62 crore in FY23. However, it also incurred a loss of Rs 227 crore during the same fiscal. The firm has yet to disclose last fiscal year numbers (FY25). It competes with Altigreen, along with established players such as Mahindra Electric, Piaggio, Kinetic Green, Tata, and others. The three-wheeler market is perhaps the one market that has evolved at its own pace. It has been the same story in the electric version, with nothing like the horde that entered the two-wheeler space hoping to strike it big. Margins are way healthier for the established players, and Euler has done enough to show it can punch its weight or even above as well. That explains the continued interest from Hero MotoCorp, albeit at the flat valuation to reflect the rising challenges or Eulerโ€™s present situation. With EV mandates only spreading faster to more and more states and some of the biggest buyers known to be open to a better deal, Euler certainly has a better than even chance of gaining further traction and enjoying a good ride. The key will be the ability to produce newer products for a market with a variety of needs by size and features.

Hero MotoCorp invests over $60 Mn in EV startup Euler Motors

EntrackrEntrackr ยท 3m ago
Hero MotoCorp invests over $60 Mn in EV startup Euler Motors
Medial

Hero MotoCorp, a leading motorcycle and scooter manufacturer, has announced a strategic investment of up to Rs 525 crore (approximately $60 million) in Euler Motors, a company focused on electric three wheelers. The move marks Hero MotoCorpโ€™s entry into the electric three-wheeler market. This is its second major EV investment, following a 40% stake in Ather Energy. Entrackr was first to report about the deal last month. The Board of Directors of Hero MotoCorp approved the investment in its meeting held on March 20, 2025. The investment, which will be made in one or more tranches, will provide the company with a 32.5% stake in Euler Motors on a fully diluted basis. The new round has come within a year of $24 million extended Series C round. Hero MotoCorpโ€™s Executive Chairman, Pawan Munjal, described the investment as a bold step toward achieving the companyโ€™s vision to "Be the Future of Mobility." He emphasized that the investment highlights the power of collaboration and adaptability in an evolving market while reinforcing Hero MotoCorpโ€™s commitment to accelerated growth through both organic and inorganic expansion. Launched in 2018 by Saurav Kumar, Euler Motorsโ€™ flagship model, the HiLoad EV, is claimed to be the most powerful electric cargo three-wheeler, offering a range of 170 kilometers. The Delhi-based firm recently expanded its product lineup with the launch of its first electric commercial four-wheeler. Currently operating in over 30 cities in India, Euler Motors has shown significant growth, reporting a turnover of Rs 172 crore in the financial year 2023-24, a sharp increase from Rs 49 crore in the previous year. Hero MotoCorpโ€™s investment in Euler Motors is expected to provide the company with a strong foothold in the electric three-wheeler market, where EVs are projected to account for a significant portion of total sales in the coming years. In the electric three-wheeler segment, Euler Motors competes with Altigreen, as well as established players like Mahindra Electric, Piaggio, Kinetic Green, Tata, and others.

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