Hero MotoCorp, a heavyweight in the automotive industry, is gearing up to lead the Series D funding round for Euler Motors, a Delhi-based commercial electric vehicle (EV) manufacturer. Sources close to the deal say the round could bring in up to USD 50 million (~INR 434 crore), with Hero MotoCorp taking the driver’s seat. Existing investors, including Caladium Investments (GIC), are also expected to join the table.
This comes on the heels of Euler Motors’ Series C extension last May, which pulled in USD 24 million (~INR208 crore), led by Piramal Alternatives India Access Fund. British International Investment and Blume Ventures, already on board, chipped in as well. The Series D, still in play, is likely to close between USD 45 million and USD 50 million. Euler Motors has been on a steady climb, recently securing USD 20 million (~ INR 175 crore) in debt financing from responsAbility Investments AG to ramp up production and push its R&D efforts further.
Euler Motors – Overview
Founded in 2018 by Saurav Kumar, Euler Motors has carved out a niche in commercial EVs. The company has powered over 45 million kilometres of cargo transport, largely thanks to its flagship HiLoad EV—a three-wheeler that’s among the most powerful in its class, boasting a 170-kilometre range.
Numbers tell part of the story: operating revenue shot up to INR 189 crore in FY24, a sharp rise from INR 62 crore the year before. Still, the company posted a net loss of INR 226.9 crore in FY24. The expansion has been aggressive, with Euler Motors scaling from five cities to 22 and selling 3,700 vehicles in the same period.
Competition in the three-wheeler EV space remains fierce. Mahindra Electric, Piaggio, Kinetic Green, Tata Motors, and Altigreen are all vying for dominance. Interestingly, Hero MotoCorp was earlier rumoured to be eyeing an INR 900 crore stake in Altigreen, a Bengaluru-based EV startup. Now, Hero’s move to back Euler Motors signals a calculated bet on the commercial EV sector. With a 40% stake in Ather Energy, a two-wheeler EV player, and a USD 5 billion war chest, Hero MotoCorp has the muscle to make bold plays in the electrification game.
Strategic Appointment
Meanwhile, Euler Motors has brought Ashish Tandon on board as Global Head for Customer Excellence, a move aimed at sharpening its customer service and tech integration. Tandon, a 25-year veteran of the auto industry, has held senior roles at Tata Motors’ commercial vehicle division, TAFE, and Mahindra & Mahindra. He’s not just a suit—armed with an engineering degree and an advanced EV tech certification from IIT Delhi, Tandon brings both technical chops and strategic vision.
Euler Motors already runs over 500 charging hubs across Delhi NCR, Hyderabad, and Bengaluru, alongside home charging solutions and a fleet management app. Tandon’s role will focus on what happens after the sale, a critical piece of the EV puzzle. He’s clear about the challenge: “The EV story in India has been all about products and adoption. But the real game-changer will be what happens post-purchase—customer experience will drive the mobility shift in the long run.” Saurav Kumar, Euler’s founder and CEO, echoed the sentiment, expressing confidence in Tandon’s ability to steer the company toward a customer-first future.
Looking ahead
Hero MotoCorp’s backing and a strengthened leadership team position Euler Motors for a serious growth spurt. R&D, production scaling, and customer experience are all on the priority list. But the road won’t be smooth—competition is heating up, and Euler will need to keep evolving its products, infrastructure, and customer satisfaction to stay ahead. As India leans harder into sustainability and electrification, Euler Motors could be a linchpin in the commercial EV revolution.
Hero MotoCorp’s lead in this funding round marks a pivotal moment, not just for Euler Motors but for India’s EV landscape as a whole. The cash infusion will fuel expansion and solidify Euler’s standing in the commercial vehicle space. At the same time, Tandon’s appointment signals a commitment to making customer experience a cornerstone of the brand. With strong investor support and sharp leadership, Euler Motors appears ready to help steer India’s mobility future toward innovation and sustainability.