Startup News: Euler Motors, a Delhi-based startup. has raised Rs 437.5 crore (USD 47 million) in a funding round led by Lightrock. The funding round saw participation from existing investors Hero MotoCorp and Blume Ventures.
The Series E round also had an additional Rs 250 crore of debt funding from BlackSoil, Trifecta, InnoVen and Alteria Capital, the company said in a statement.
Euler Motors is an electric commercial vehicle maker. The startup was founded in 2018 by Saurav Kumar.
"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," Saurav Kumar said.
Euler Motors said that the funds will support its next phase of growth, with a focus on expanding the product line and manufacturing capacity, scaling its network across India, and strengthening the foundation for continued market share growth in the commercial EV segment.
Hero MotoCorp CEO Harshavardhan Chitale said Euler Motors continues to demonstrate strong momentum in building ecological and scalable solutions.
"Their commitment to innovation, operational excellence and long-term value creation aligns closely with our vision of being sustainable and customer-centric," he added.
With the latest round, Euler Motors said its total capital raised to date stands at approximately Rs 1,900 crore (USD 229 million).
