Euler Motors aims to double its revenue to around Rs 400 crore in the current financial year, driven by the launch of more affordable commercial vehicles (CVs), growing market demand, and the expansion of both its production capacity and dealership network.
“Our total revenue in FY25 stood at Rs 192 crore. We aim to reach Rs 400 crore in FY26,” said Saurav Kumar, founder & CEO of Euler Motors. Backed by Hero MotoCorp, the company is targeting Ebitda break-even by 2029.
“We are becoming profitable on the product without the subsidy. Now, our next step is to become profitable in the contribution. I think roughly in three, three and a half years from now, we will be at Ebitda break-even,” he added.
Expanding portfolio and market reach
On Monday, the Haryana-based EV startup launched its latest 1-tonne electric mini truck, the Turbo EV 1000, expanding its portfolio to three commercial vehicles in the 1–1.5-tonne segment, alongside the StormEV and HiLoad EV.
Founded in 2018, Euler Motors sold nearly 3,200 vehicles in FY25 and currently operates in 60 cities with over 100 showrooms. The company plans to expand its footprint to 100 cities by the end of the year.
Euler Motors competes with players such as Omega Seiki Mobility, Montara, Mahindra Last Mile Mobility, and Tata Motors.
Highlighting the market opportunity, Kumar noted that over 500,000 units are sold annually in the sub-3.5-tonne CV segment, with approximately 40%—or 2 lakh units—coming from mini-trucks under 1 tonne. “Unlike the three-wheeler segment, EV penetration in the four-wheeler commercial space remains low at around 1.5%. That presents a huge opportunity for growth with a compelling product,” he said.
Funding, IPO plans, and supply outlook
On the rare earth magnet supplies, Kumar noted that the company is not currently facing issues from its suppliers and is working on magnet-free, higher efficiency motors for the future.
When asked about a potential public offering, CEO Saurav Kumar said, “IPO is still years away. Fundamentally, first we have to make sure our products are available across all major cities. Then profitability is a very important characteristic.”
India’s largest two-wheeler maker Hero MotoCorp has 34% stake in Euler Motor. The company recently raised Rs 638 crore in Series D funding led by Hero MotoCorp and British International Investment at a valuation of around Rs 1,400 crore. It has raised Rs 1,420 crore so far.
While the company plans to raise additional funds in the near term, the management has not disclosed the amount it intends to raise in the coming year.