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Euler Motors raises $24 Mn led by Piramal Alternatives

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

Commercial electric vehicle manufacturer ​​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 company’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.

Euler Motors raises Rs 638 Cr in Series D funding round

EntrackrEntrackr · 9m 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 company’s sales and service network, while advancing new product development to accelerate India’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 Entrackr’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. “This is a strong vote of confidence both in India’s commercial electric mobility future and in Euler Motors’ 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 India’s No. 1 commercial EV brand,” 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.

Exclusive: Euler Motors plans $25 Mn debt in tranches

EntrackrEntrackr · 1h ago
Exclusive: Euler Motors plans $25 Mn debt in tranches
Medial

Exclusive: Euler Motors plans $25 Mn debt in tranches Euler Motors is gearing up to raise Rs 220 crore, around $25 million, through a debt round to be executed in one or more tranches. The HeroMoto Corp-backed firm is seeking this debt infusion nine months after raising Rs 638 crore in its Series D round. According to regulatory filings accessed from the Registrar of Companies (RoC), the company is raising Rs 105 crore (approximately $11.6 million) in its first tranche through non-convertible debentures. The round is being led by BlackSoil Capital, with participation from Trifecta Venture. For this, the board at Euler Motors has passed a special resolution to issue up to 10,500 NCDs at an issue price of Rs 1,00,000 each. BlackSoil is set to lead the tranche with an investment of Rs 75 crore, while Trifecta will contribute Rs 30 crore, taking the total proposed debt raise to Rs 105 crore. According to the filing, the fresh proceeds will be used to fund requirements, including working capital, capital expenditure, refinancing of existing borrowings, and other general corporate purposes. Launched in 2018, Euler Motors is a commercial electric vehicle startup specializing in the production of three-wheelers. It follows an asset-heavy model, combining vehicle manufacturing with financing partnerships and after-sales service support. The company targets e-commerce, hyperlocal delivery, and logistics fleets with cargo-focused EV solutions. The Delhi-based firm has raised over $200 million to date, having Hero MotoCorp, GIC, and British International Investment among its lead investors. In May 2025, Euler Motors completed its Rs 638 crore Series D round. On the financial side, Euler Motors reported a 12% year-on-year increase in revenue to Rs 192.26 crore in FY25 from Rs 170.82 crore in FY24, while its losses also reduced by 12% to around Rs 200 crore during the same period.

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

EntrackrEntrackr · 11m 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 MotoCorp’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 MotoCorp’s Executive Chairman, Pawan Munjal, described the investment as a bold step toward achieving the company’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 MotoCorp’s commitment to accelerated growth through both organic and inorganic expansion. Launched in 2018 by Saurav Kumar, Euler Motors’ 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 MotoCorp’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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