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Euler Motors Raises INR 437.5 Crore in Series E Funding Led by Lightrock

Euler additionally secured about INR 250 crores in debt financing from BlackSoil, Trifecta Capital, InnoVen Capital and Alteria Capital.

March 25, 2026. By Abha Rustagi

Euler Motors announced that it has raised INR 437.5 crore in a Series E funding round led by Lightrock, as the electric commercial vehicle maker seeks to scale its operations and expand its footprint across India.

Existing investors Hero MotoCorp and Blume Ventures also participated in the round, the company said. Euler additionally secured about INR 250 crores in debt financing from BlackSoil, Trifecta Capital, InnoVen Capital and Alteria Capital.

The company will use the proceeds to expand manufacturing capacity, scale its network and invest in core operational capabilities, it said.

Commenting on the development, Saurav Kumar, Founder and CEO, Euler Motors, said, “This round comes at an important stage in Euler Motors’ journey. 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 see a significant opportunity in commercial EV segments where uptime, reliability and operating economics matter most, and we will continue to invest behind that opportunity with discipline.”

“The combination of fresh equity and debt capital strengthens our ability to expand capacity, deepen our network and build the operating foundation required for long-term growth. 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,” added Kumar.

Founded in 2018, Euler Motors designs and manufactures electric commercial vehicles aimed at solving last-mile logistics challenges in India. It focuses on segments where electrification offers strong economic benefits, including higher-payload cargo vehicles, while continuing to serve e-commerce and fleet operators.

The funding marks a key milestone for the company as it moves into its next growth phase, backed by investor confidence in its execution and position in India’s electric mobility market.

Euler Motors has built a presence in the three-wheel commercial EV segment and has emerged as the second-largest player in India’s four-wheel EV category by market share, the company said. It added that it holds about 22 percent share in the four-wheel cargo segment and has expanded to 100 touchpoints nationwide.

The fresh capital will support the expansion of its product portfolio and strengthen its operational base as it targets further market share gains.
With this round, Euler Motors’ total capital raised stands at about INR 1,900 crore.

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Sustainable Transport

Euler Motors

Lightrock

Electric commercial vehicles