Euler Motors raises ₹437 crore in Series E round led by Lightrock

Euler Motors has raised Rs 437.5 crore in a Series E round led by Lightrock, along with Rs 250 crore in debt, to expand capacity and scale operations

Electric commercial vehicle maker Euler Motors on Tuesday said it has raised Rs 437.5 crore ($47 million) in a Series E equity funding round led by Lightrock, with participation from Hero MotoCorp and Blume Ventures, to expand manufacturing capacity and scale operations across India.

 

The round also includes Rs 250 crore in debt financing from BlackSoil, Trifecta Capital, InnoVen Capital and Alteria Capital. Debt financing means funds raised as loans that must be repaid with interest, unlike equity funding where investors take ownership stakes. 

Founded in 2018, Euler Motors builds electric commercial vehicles aimed at solving last-mile logistics challenges, or the final leg of delivery from a warehouse to the end customer. 

 

“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. We are pleased to welcome Lightrock as a new investor and grateful for the continued support of Hero MotoCorp, Blume Ventures, BlackSoil, InnoVen, Trifecta and Alteria Capital,” said Saurav Kumar, founder and chief executive officer of Euler Motors.

 

The funds raised through Series E equity funding and debt financing will be used to expand manufacturing capacity, scale the company’s sales and service network, and strengthen operational capabilities. Euler Motors stated that it was targeting segments where electrification economics are strongest, with a growing focus on higher-payload cargo vehicles, while continuing to serve e-commerce, hyperlocal delivery and fleet customers.

 

Ademidun (Demi) Edosomwan, partner and head of energy access at Lightrock, said, “Euler Motors has built a differentiated platform in electric commercial vehicles with products purpose-built for Indian operating conditions and the demands of last-mile logistics. The company is delivering practical, scalable solutions that can drive the wider transition to clean mobility.”

 

Euler Motors said it has emerged as the second-largest player by market share in India’s four-wheel electric commercial vehicle segment, with a 22 per cent share in four-wheel cargo. It has also expanded to 100 touchpoints across the country. The company has so far raised around Rs 1,900 crore, reflecting sustained investor interest in India’s commercial electric mobility space.