Hero MotoCorp-backed Euler Motors raises $47 million funding led by Lightrock

Electric commercial vehicle startup Euler Motors on Tuesday raised Rs 437.5 crore ($47 million) as part of its Series E round led by Lightrock.

The funding round also saw the participation of existing investor Hero MotoCorp and Blume Ventures. The round also had an additional Rs 250 crore of debt funding from BlackSoil, Trifecta, InnoVen and Alteria Capital.

With the latest round, Euler Motors’ total capital raised to date stands at approximately Rs 1,900 crore ($229 million).

“The combination of fresh equity and debt capital strengthens our ability to expand capacity, deepen our network and build the operating foundation required for long-term growth,” says Saurav Kumar, founder and CEO of Euler Motors. “This round comes at an important stage in Euler Motors’ journey. We are moving from early scale-up to the next phase of growth, where the focus is on building with greater depth and consistency across products, markets and operations,” he added.

Founded in 2018, Euler Motors addresses the last-mile cargo delivery.

Euler’s Kumar sees a significant opportunity in commercial EV segments where uptime, reliability and operating economics matter most. “We will continue to invest behind that opportunity with discipline,” he added.

The proceeds of the round will be used for the next phase of growth, with a focus on expanding the product line and manufacturing capacity, scaling the company’s network across India, and strengthening the foundation for market share growth in the commercial EV segment.

Euler Motors is Hero MotoCorp’s second-biggest EV bet after Ather Energy. The country’s largest manufacturer of motorcycles and scooters acquired a 32.5% stake in the electric commercial vehicle startup for ₹525 crore in March 2025. Hero led Euler’s Rs 638 crore Series D funding round in May last year.

Commenting on the investment, Harshavardhan Chitale, CEO, Hero MotoCorp, said Euler Motors continues to demonstrate strong momentum in building ecological and scalable solutions. “Their commitment to innovation, operational excellence and long-term value creation aligns closely with our vision of being sustainable and customer centric,” Chitale added.