Electric commercial vehicle startup Euler Motors has secured Rs 638 crore in its latest Series D funding round, with Hero MotoCorp coming on board as a key new strategic investor. The round also saw continued backing from British International Investment (BII), the UK government’s development finance arm.

Euler Motors plans to use the fresh capital to broaden its national sales and service footprint while accelerating the development of new electric vehicle (EV) models. The funding comes at a crucial time, as India’s demand for electric commercial transport surges, especially in e-commerce, retail, and last-mile logistics.

“This funding will help us ramp up operations and bring innovative, high-performance commercial EVs to more Indian businesses,” said Saurav Kumar, Founder and CEO of Euler Motors. “Having Hero MotoCorp join us reinforces our mission to lead the commercial EV segment and signals growing confidence in India’s electric mobility journey.”

Founded in 2018, Delhi-based Euler Motors has made its mark with products like the HiLoad EV, an electric three-wheeler for cargo, and the recently launched StormEV, India’s first light commercial four-wheeler equipped with advanced driver-assistance systems (ADAS).

Hero MotoCorp’s investment signals its intent to diversify into the electric three- and four-wheeler space, an extension of its long-term sustainability roadmap.

“This strategic investment is part of Hero’s broader growth strategy in the evolving mobility ecosystem,” said Dr. Pawan Munjal, Executive Chairman of Hero MotoCorp. “It opens up new opportunities in electric cargo mobility while aligning with our commitment to sustainable innovation.”

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For BII, which initially invested in Euler in 2023, the continued partnership underscores a shared goal to support India’s green transition. 

Euler’s investor base includes Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives, among others. With this round, the startup’s total funding has reached nearly Rs 1,420 crore. Euler Motors positions itself as a full-stack EV manufacturer, focusing on robust, India-specific electric vehicles designed for heavy-duty, last-mile transport.