Euler Motors, a prominent manufacturer of electric commercial vehicles, today announced the successful closure of its Series D funding round, raising a substantial ₹638 crore. This latest infusion of capital is spearheaded by none other than Hero MotoCorp, the world’s largest two-wheeler manufacturer, signaling a strong vote of confidence in Euler Motors’ vision and potential. Existing investor British International Investment (BII), the UK’s development finance institution, also participated in this crucial funding round.
Euler Motors Fueling Expansion and Innovation in the EV Space
Euler Motors has clearly articulated its strategic intentions for this newly acquired capital. The company plans to channel these funds towards aggressively expanding its sales and service network across the country. Recognizing that accessibility and after-sales support are critical for widespread EV adoption, this move will undoubtedly strengthen Euler Motors’ market presence and customer confidence.
Furthermore, a significant portion of the funding will be directed towards advancing new product development. Euler Motors has already demonstrated its innovative capabilities with vehicles like the HiLoad EV, touted as India’s most powerful three-wheeler, and the recently launched StormEV, the nation’s first four-wheeler Light Commercial Vehicle equipped with ADAS (Advanced Driver Assistance Systems). This continued focus on cutting-edge technology and tailored solutions will be crucial in accelerating the transition to electric mobility in the commercial segment.
A Strategic Alliance with Hero MotoCorp
The involvement of Hero MotoCorp as the lead investor carries immense significance. Dr. Pawan Munjal, Executive Chairman of Hero MotoCorp, emphasized the strategic nature of this investment, stating that it “reinforces our commitment to accelerated growth through both organic and inorganic expansion.” This move allows Hero MotoCorp to strategically enter the rapidly expanding electric three and four-wheeler market, leveraging Euler Motors’ expertise and established presence. For Euler Motors, having the backing and industry expertise of a global automotive leader like Hero MotoCorp provides invaluable support for its ambitious growth plans.
Building EVs “Designed for India, from India”
Founded in 2018, Euler Motors has consistently focused on developing and deploying innovative technology solutions specifically tailored for the Indian market. Their philosophy of building EVs “designed for India, from India” underscores their deep understanding of the unique demands and operating conditions within the country’s commercial vehicle sector. This customer-centric approach, coupled with their growing portfolio of high-performance electric vehicles, has led to strong adoption across various sectors, including e-commerce, retail, and logistics.
Investor Confidence Reflects Market Potential
The participation of British International Investment (BII) for the second time highlights the growing confidence in Euler’s trajectory and the overall potential of India’s commercial EV market. Abhinav Sinha, Managing Director and Head of Technology, Telecoms and Sustainable Industrials at BII, lauded Euler Motors for advancing e-mobility adoption and creating better jobs, aligning with BII’s commitment to supporting India’s net-zero emissions target. This continued investment from a development finance institution underscores the positive impact Euler Motors is making towards both economic growth and environmental sustainability.
Aiming for Market Leadership
With this significant funding boost and the strategic partnership with Hero MotoCorp, Euler Motors is well-positioned to accelerate its growth trajectory. Saurav Kumar, Founder & CEO of Euler Motors, expressed the company’s ambition to become “India’s No. 1 commercial EV brand.” This latest funding round provides the necessary fuel to scale operations, continue innovation, and ultimately drive the widespread adoption of electric commercial vehicles across India. The collaboration between an established two-wheeler giant and a promising EV manufacturer signals a powerful synergy that could reshape the future of commercial mobility in the country.
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