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

Entrackr · 11d

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.