Private Equity

PE-VC Fund Investments

Commercial EV maker Euler Motors raises Rs.437.5 Cr in Series E led by Lightrock

Business Standard   Euler Motors  

Delhi-based Euler Motors has raised INR 437.5 crore (USD 47 million) in a Series E equity funding round led by Lightrock, with participation from Hero MotoCorp and Blume Ventures. The round also included INR 250 crore in debt from BlackSoil, Trifecta Capital, InnoVen Capital, and Alteria Capital.Founded in 2018, Euler Motors manufactures electric commercial vehicles designed to address last-mile logistics requirements. The new funds will be used to expand manufacturing capacity, scale the company’s sales and service network, and strengthen operational capabilities.

In Feb-26, Hero MotoCorp had invested INR 275 crore in Series E Compulsory Convertible Preference Shares of Euler Motors, taking its stake to approximately 36% on a fully diluted basis. Between Jan 2019 and Mar-25, Euler had attracted about USD 228 M from Blume Ventures, Athera Venture Partners, Jetty Ventures, ADB, InnoVen Capital, Trifecta Capital, responsAbility and others.For FY25, Euler Motors had reported about INR 191 Cr in Operating Income and about INR 203 Cr in Net Loss.