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Euler Motors raises Rs 638 Cr in Series D funding round

EntrackrEntrackr · 5m 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.

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Exclusive: Euler Motors’ valuation remains flat in Series D round

EntrackrEntrackr · 6m ago
Exclusive: Euler Motors’ valuation remains flat in Series D round
Medial

Exclusive All Stories Exclusive: Euler Motors’ valuation remains flat in Series D round Commercial electric vehicle manufacturer ​​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 Euler’s latest funding round, Entrackr has reviewed the company’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 Entrackr’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 Euler’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.

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 reports Rs 191 Cr revenue and Rs 200 Cr loss in FY25

EntrackrEntrackr · 5d ago
Euler Motors reports Rs 191 Cr revenue and Rs 200 Cr loss in FY25
Medial

Euler Motors reports Rs 191 Cr revenue and Rs 200 Cr loss in FY25 Euler’s revenue grew by 12% during the fiscal year ending March 2025. The Delhi-based firm also managed to limit losses at a similar rate during the year. Commercial electric vehicle startup Euler Motors raised Rs 638 crore in its Series D round in May 2025, led by Hero MotoCorp. While the impact of this funding is likely to reflect in its FY26 numbers, Euler’s revenue grew by 12% during the fiscal year ending March 2025. The Delhi-based firm also managed to limit losses at a similar rate during the year. Euler Motors’ revenue grew 12% year-on-year to Rs 192.26 crore during the last fiscal year as compared to Rs 170.82 crore in FY24, according to the company’s annual financial statement with the RoC. The company primarily manufactures and sells electric vehicles. According to Vahan data, it sold around 3,305 electric vehicles in FY25, generating Rs 173 crore from vehicle sales, while battery, accessories, and other operating income contributed an additional Rs 12 crore to its total operating revenue. Euler Motors also earned Rs 14.73 crore in non-operating income including interest income, which pushed its total revenue to Rs 206 crore in FY25. On the expense side, material costs remained the biggest expenditure, making up 47.5% of total expenses at Rs 192 crore in FY25. This cost was reduced by 10% compared to FY24. Employee benefit expenses rose 46% year-on-year to Rs 74.4 crore in FY25. Security and manpower service costs also jumped 55% to Rs 24.44 crore during the year, while finance costs and depreciation and amortization expenses stood at Rs 17.3 crore and Rs 18.46 crore, respectively. Further, advertising expenses surged 4.6X to Rs 12.77 crore in FY25 from Rs 2.75 crore in FY24. Other overheads including rent, R&D, travel, professional fees, transportation, repair and maintenance, software, and other expenses added Rs 64.8 crore to the total cost. Overall expenditure remained flat compared to FY24, at around Rs 404 crore. In the end, a 12% rise in operating revenue, coupled with higher non-operating income and controlled spending, helped the Hero MotoCorp-backed company reduce its losses by 12% to Rs 200 crore in FY25. On a unit level, Euler spent Rs 2.11 to earn a rupee of operating income. Its EBITDA margin and ROCE improved to -92.6% and -93.7% respectively. As on March 2025, the company’s current assets stood at Rs 214.3 crore, including cash and bank balances of Rs 95 crore. According to startup data platform TheKredible, the Delhi-based firm has raised over $200 million to date, with Hero MotoCorp, GIC, and British International Investment among its lead investors.

Exclusive: Hero MotoCorp to lead Euler Motors’ Series D funding

EntrackrEntrackr · 9m ago
Exclusive: Hero MotoCorp to lead Euler Motors’ Series D funding
Medial

Exclusive: Hero MotoCorp to lead Euler Motors’ Series D funding Commercial electric vehicle manufacturer ​​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. “Hero MotoCorp will lead the round along with existing investors including Caladium Investments (GIC),” 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 Motors’ 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 Hero’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.

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