Total amount raised
$150.5 Million
Latest funding date
1/1/2025
Location
Euler Motors has successfully raised significant funding through multiple rounds, with the latest being a corporate round closed in March 2025. The company has attracted a diverse group of 19 investors, including notable names like Hero MotoCorp and responsAbility Investments.
Keep reading to explore the intricacies of Euler Motors' fundraising journey and the investors backing this innovative electric vehicle company.
What Is Euler Motors?
Euler Motors, founded in April 2018 by Saurav Kumar, is an electric vehicle company based in New Delhi, India. The company operates within the automotive, autonomous vehicles, electric vehicle, and transportation industries.
With an employee count ranging from 251 to 500, Euler Motors focuses on accelerating mass electric mobility by producing electric three- and four-wheelers. The company aims to lead in cargo transport, particularly solving last-mile logistics for e-commerce and 3PL players.
How Much Funding Has Euler Motors Raised?
- Seed Round
- Amount Raised: $2M
- Date: August 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Series A
- Amount Raised: $9.4M
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand production capabilities and market reach.
- Series A
- Amount Raised: ₹300M
- Date: March 2021
- Lead Investors: Athera Venture Partners, Jetty Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale production and enhance technological development.
- Series A
- Amount Raised: ₹200M
- Date: May 2020
- Lead Investors: Athera Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the launch of new electric vehicle models.
- Series B
- Amount Raised: $10M
- Date: November 2021
- Lead Investors: QRG Investments and Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance production and expand market presence.
- Series B
- Amount Raised: $5M
- Date: April 2022
- Lead Investors: Moglix
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To boost research and development efforts.
- Series C
- Amount Raised: ₹4.8B
- Date: October 2022
- Lead Investors: GIC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production and expand distribution networks.
- Series C
- Amount Raised: ₹1.2B
- Date: November 2023
- Lead Investors: British International Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop next-generation technologies for commercial EVs.
- Series C
- Amount Raised: ₹2B
- Date: May 2024
- Lead Investors: Piramal Alternatives
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To improve vehicle efficiency and strengthen after-sales service infrastructure.
- Debt Financing
- Amount Raised: $20M
- Date: January 2025
- Lead Investors: responsAbility Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production, enhance distribution networks, and bolster R&D capabilities.
Total Amount Raised: $46.4M + ₹8.5B
Current Valuation: Not publicly disclosed
Key Investors
- responsAbility Investments
- Details: responsAbility Investments is a Zurich-based impact asset manager. They focus on sustainable investments, particularly in emerging markets.
- Investment Focus Areas: Sustainable mobility, climate infrastructure, renewable energy
- Notable Investments: Known for investments in sustainable and impact-driven projects globally.
- Piramal Alternatives
- Details: Piramal Alternatives is an investment arm of the Piramal Group, focusing on alternative investments. They are known for their involvement in high-growth potential sectors in India.
- Investment Focus Areas: Real estate, financial services, infrastructure
- Notable Investments: Investments in Indian infrastructure projects, real estate developments, and financial services companies.
- British International Investment
- Details: British International Investment is a development finance institution that invests in projects aimed at driving economic development in emerging markets. They focus on sustainable and impactful investments.
- Investment Focus Areas: Renewable energy, healthcare, financial services
- Notable Investments: Investments in infrastructure, financial services, and healthcare in emerging markets.
- GIC
- Details: GIC is a global investment firm established to manage Singapore's foreign reserves. They invest across a range of asset classes worldwide.
- Investment Focus Areas: Real estate, private equity, infrastructure
- Notable Investments: Known for investments in real estate, private equity, and infrastructure globally.
- Moglix
- Details: Moglix is a B2B commerce company specializing in industrial goods and services. They provide procurement solutions to various industries.
- Investment Focus Areas: Industrial goods, B2B commerce, supply chain solutions
- Notable Investments: Known for investments in industrial goods and services sectors.
What's Next for Euler Motors?
Euler Motors is poised to capitalize on the burgeoning demand for electric vehicles in the logistics and e-commerce sectors. With substantial funding secured, the company is set to scale production and enhance its distribution networks. The recent launch of the Storm EV, designed for commercial use, positions Euler Motors to meet the growing need for sustainable transportation solutions.
Future fundraising opportunities appear promising, given the successful debt and Series C funding rounds. These financial boosts will likely attract further investments, enabling the company to continue its innovation and expansion efforts. However, challenges such as scaling production, maintaining high performance, and navigating a competitive market remain. Ensuring robust after-sales service and continuous technological advancements will be crucial for sustained growth.
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