Total amount raised
$229M
Latest funding date
2026-03-24
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.
Euler Motors has raised funding across multiple rounds backed by investors including Lightrock, Hero MotoCorp, GIC, British International Investment, Blume Ventures, and others, as the company accelerates its growth as a leading commercial electric vehicle manufacturer in India.
Keep reading to explore Euler Motors' complete fundraising journey, key investors, and what lies ahead for this EV pioneer.
What Is Euler Motors?
Euler Motors is a New Delhi-based electric commercial vehicle manufacturer founded in 2018 by Saurav Kumar. The company designs and manufactures electric three- and four-wheeler commercial vehicles for last-mile logistics. Euler Motors has established itself as one of India's top manufacturers of electric commercial vehicles and is focused on expanding its product portfolio, manufacturing capacity, and distribution across India.
How Much Funding Has Euler Motors Raised?
- Seed Round
- Amount Raised: Approximately USD 2,000,000
- Date: 2018–2019
- Lead Investors: Undisclosed (early backers include Blume Ventures and others)
- Series A
- Amount Raised: USD 9,500,000 (approximately ₹700 million)
- Date: March 2021
- Lead Investors: Athera Venture Partners (formerly Inventus India), Jetty Ventures
- Other Participants: ADB Ventures, Blume Ventures, Sujeet Kumar (Udaan co-founder), Emergent Ventures
- Series B (Tranche 1)
- Amount Raised: USD 10,000,000
- Date: November 2021
- Lead Investors: QRG Investments and Holdings
- Series B (Tranche 2)
- Amount Raised: USD 5,000,000
- Date: April 2022
- Lead Investors: Moglix
- Series C
- Amount Raised: USD 60,000,000 (approximately ₹500 crore)
- Date: October 2022
- Lead Investors: GIC (Singapore)
- Other Participants: Blume Ventures, Athera Venture Partners, QRG Holdings, ADB Ventures, Moglix
- Series C Extension (Tranche 2)
- Amount Raised: USD 14,400,000 (approximately ₹120 crore)
- Date: November 2023
- Lead Investors: British International Investment (BII)
- Other Participants: GIC, Blume Ventures, ADB Ventures, Athera Venture Partners
- Series C Extension (Tranche 3)
- Amount Raised: USD 24,000,000 (approximately ₹200 crore)
- Date: May 2024
- Lead Investors: Piramal Alternatives India Access Fund
- Debt Financing
- Amount Raised: USD 20,000,000
- Date: January 2025
- Lead Investors: responsAbility Investments AG (Zurich)
- Series D (Tranche 1)
- Amount Raised: USD 61,430,000 (approximately ₹525 crore)
- Date: March 2025
- Lead Investors: Hero MotoCorp
- Series D (Tranche 2)
- Amount Raised: USD 74,700,000 (approximately ₹638 crore)
- Date: May 2025
- Lead Investors: Hero MotoCorp
- Other Participants: British International Investment (BII)
- Series E
- Amount Raised: USD 47,000,000 (approximately ₹437.5 crore equity) + USD 29,300,000 (approximately ₹250 crore debt)
- Date: March 24, 2026
- Lead Investors: Lightrock (equity); BlackSoil, Trifecta Capital, InnoVen Capital, Alteria Capital (debt)
- Other Participants: Hero MotoCorp, Blume Ventures
Total Amount Raised: At least USD 229,000,000 based on disclosed funding across all rounds (~₹1,900 crore as reported by EVreporter and the company).
Key Investors
- Lightrock
- Details: Lightrock is a global private equity platform focused on impact investing. It led Euler Motors' Series E round in March 2026 with a maiden investment of approximately ₹225 crore ($24 million).
- Hero MotoCorp
- Details: Hero MotoCorp, the world's largest two-wheeler manufacturer, became a strategic investor in Euler Motors in March 2025 with a ₹525 crore investment to acquire a ~32.5% stake. It subsequently led the Series D round (₹638 crore, May 2025) and participated in the Series E round.
- GIC
- Details: GIC is Singapore's sovereign wealth fund and led Euler Motors' Series C round of $60 million in October 2022.
- British International Investment (BII)
- Details: BII is the UK's development finance institution. It backed Euler Motors in the Series C extension round (November 2023) and participated in the Series D round (May 2025).
- Blume Ventures
- Details: Blume Ventures is a leading Indian early-stage VC firm and has been a long-term backer of Euler Motors, participating from early rounds through the Series E round in March 2026.
- responsAbility Investments AG
- Details: Zurich-based impact asset manager responsAbility provided up to $20 million in debt financing to Euler Motors in January 2025 to enhance production, distribution, and R&D.
- Piramal Alternatives
- Details: Piramal Alternatives India Access Fund led the final Series C extension tranche of ₹200 crore ($24 million) in May 2024.
What's Next for Euler Motors?
Euler Motors is well-positioned to expand its footprint across India's rapidly growing commercial EV market. With fresh capital from its Series E round, the company plans to scale manufacturing, grow its sales and service network to 100 cities, and accelerate new product development in the electric three- and four-wheeler segment. Strategic backing from Hero MotoCorp provides Euler Motors with distribution synergies and industry expertise as it pursues its goal of becoming India's No. 1 commercial EV brand.
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