Euler Motors has secured ₹437.5 crore (approximately $47 million) in its Series E funding round, led by Lightrock, with participation from Hero MotoCorp and Blume Ventures. The company also raised an additional ₹250 crore in debt financing from investors including BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital.
Founded in 2018, Euler Motors focuses on solving last-mile logistics challenges in India through purpose-built electric commercial vehicles. The company primarily caters to e-commerce, hyperlocal delivery, and fleet operators, while increasingly targeting higher-payload cargo segments.
The latest funding marks a key milestone in Euler Motors’ growth journey, signaling strong investor confidence in its execution capabilities and market positioning. Lightrock joins as a new investor, while existing backers have reaffirmed their commitment to the company’s long-term vision.
According to Ademidun Edosomwan, Partner at Lightrock, Euler Motors has built a differentiated platform tailored to Indian operating conditions, offering scalable solutions that can accelerate the transition to clean mobility. Echoing similar sentiment, Harshavardhan Chitale highlighted the company’s focus on innovation, operational excellence, and sustainable growth.
The fresh capital will be used to expand Euler Motors’ product portfolio, increase manufacturing capacity, and strengthen its nationwide presence. The company also plans to invest in core operations and infrastructure to support disciplined scaling across key markets.
Euler Motors has already established a strong foothold in the electric three-wheeler segment and has rapidly emerged as the second-largest player in India’s four-wheeler commercial EV market. It currently holds a 22% market share in the four-wheel cargo segment and operates through 100 touchpoints across the country.
Founder and CEO Saurav Kumar stated that the company is entering its next phase of growth, focusing on building depth across products, markets, and operations. He added that the combination of equity and debt funding will strengthen Euler’s ability to expand capacity, enhance its network, and build a solid foundation for long-term growth.
With this round, Euler Motors’ total capital raised stands at approximately ₹1,900 crore ($229 million), reinforcing its position as a key player in India’s rapidly evolving electric commercial mobility sector.
