19th May 2025: British International Investment, the UK’s development finance institution, and anchor investor Hero Moto Corp have invested approximately Rs 638 crores in Delhi-based Euler Motors.
This investment is part of their commitment to advancing India’s electric vehicle sector, particularly in the commercial vehicle market, which is seeing an increase in EV adoption.
This latest funding comes from BII, which previously invested in Euler Motors in 2023. In addition to its investments in EV startups such as Battery Smart and established OEM Mahindra & Mahindra, the investment will strengthen participation in India’s electric three- and four-wheeler cargo market.
Saurav Kumar, Founder and CEO of Euler Motors, expressed enthusiasm for Hero MotoCorp’s participation as a strategic investor, seeing it as a strong endorsement of both India’s future in commercial electric mobility and Euler Motors’ capabilities and offerings.
The collaboration between BII and Hero Moto Corp will help Euler expand its sales and service networks, as well as fund the development of new products to increase commercial EV adoption in India.
Dr. Pawan Munjal, Executive Chairman of Hero MotoCorp, stated that this investment is consistent with the company’s sustainability goals and allows for diversification into emerging mobility sectors, allowing Hero MotoCorp to enter the rapidly expanding electric three and four-wheeler markets while unlocking related business opportunities.
Euler Motors has made significant inroads into the e-commerce, retail, and logistics sectors with its vehicles, including the HiLoad EV, India’s most powerful three-wheeler, and the newly launched StormEV, a four-wheeler Light Commercial Vehicle with advanced driver assistance systems (ADAS).
Euler Motors, founded in 2018, has raised approximately Rs 1,420 crore to date from investors such as Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund. The company develops EV technology specifically for the Indian market, with the goal of widespread adoption of electric vehicles in commercial transportation.
