Electric commercial vehicles manufacturer Euler Motors on Monday announced that it has raised nearly $75 million (Rs 638 crore) in its Series D funding round led by Hero MotoCorp Limited (HMCL), the world’s largest manufacturer of motorcycles and scooters.
The funding also saw participation from existing investor British International Investment (BII), the UK’s development finance institution, Euler Motors said in a statement.
The latest infusion will be utilised in expanding the company’s sales and service network while advancing new product development, the statement said.
With this round, Euler Motors has raised approximately Rs 1,420 crore to date.
“With this fresh capital and strategic backing from new and existing investors, we are poised to accelerate our scale, continue innovating to deliver superior products, and come a few steps closer towards becoming India’s No. 1 commercial EV brand,” said Saurav Kumar, Founder & CEO, Euler Motors.
Euler Motors, which is backed by Singapore’s sovereign wealth fund GIC, has a presence in 30 cities in India and is engaged in the designing, manufacturing and sale and service of electric three-wheelers. They recently launched their first electric commercial four-wheeler.
Euler Motors last raised $24 million in its Series C funding round led by existing investors British International Investment, Blume Ventures and new investor Piramal Alternatives in May last year.
“As we strengthen and diversify our presence in the emerging mobility landscape, this investment allows Hero MotoCorp to venture into a rapidly growing electric three and four-wheeler market, while unlocking adjacent business opportunities and continuing to cement its leadership in the future of sustainable mobility,” said Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp.
Euler Motor’s turnover for the financial year ended March 31, 2024, stood at Rs. 172 crore.
