India’s electric vehicle (EV) revolution is shifting into high gear, and the latest development is a testament to the sector’s growing momentum. Hero MotoCorp, the country’s largest two-wheeler manufacturer, has joined hands with British International Investment (BII) to lead a massive ₹638 crore investment in Euler Motors, a rising star in the commercial EV space.
This strategic move is set to accelerate the adoption of electric vehicles in India’s commercial sector, drive innovation, and expand the reach of sustainable mobility solutions across the nation.
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A Strategic Leap: Why Hero MotoCorp and BII Are Betting Big
The Hero MotoCorp Euler Motors investment is more than just a financial transaction—it’s a bold statement about the future of mobility in India. For Hero MotoCorp, this marks a significant diversification beyond its core business of motorcycles and scooters.
By investing in Euler Motors, Hero is making its first major foray into the electric three-wheeler and four-wheeler market, a segment poised for explosive growth as businesses and governments push for cleaner, greener transportation.
British International Investment (BII), the UK’s development finance institution, is no stranger to Euler Motors. Having first invested in the company in 2023, BII’s continued support underscores its confidence in Euler’s vision and execution.
Together, these two powerhouses are providing not just capital, but also strategic guidance and credibility to Euler Motors as it scales up operations.
Saurav Kumar, Founder and CEO of Euler Motors, expressed his excitement about the partnership, stating, “We are excited to welcome Hero MotoCorp as a strategic investor in Euler Motors. This is a strong vote of confidence both in India’s commercial electric mobility future and in Euler Motors’ execution and products.”
Euler Motors: Pioneering Commercial EVs in India
Founded in 2018, Euler Motors has quickly established itself as a leader in India’s commercial EV market. The company’s vehicles are already making waves in the ecommerce, retail, and logistics sectors, where the need for efficient, reliable, and eco-friendly transportation is paramount.
Euler’s flagship product, the HiLoad EV, is touted as India’s most powerful electric three-wheeler, designed to handle the demanding needs of last-mile delivery and urban logistics.
The company recently launched the StormEV, a four-wheeler light commercial vehicle equipped with Advanced Driver Assistance Systems (ADAS), setting new standards for safety and performance in the segment.
With the latest funding round, Euler Motors has now raised a total of approximately ₹1,420 crore. Other notable investors include Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund. This robust backing highlights the industry’s faith in Euler’s ability to drive the next wave of commercial EV adoption in India.
How the ₹638 Crore Investment Will Be Used
The fresh capital infusion will be a game-changer for Euler Motors. The company plans to use the funds to expand its sales and service network across India, ensuring that its vehicles are accessible to businesses in every corner of the country.
Additionally, the investment will fuel the development of new products tailored to the unique needs of Indian roads and businesses, further strengthening Euler’s position as an innovation leader.
Dr. Pawan Munjal, Executive Chairman of Hero MotoCorp, emphasized the strategic importance of the investment, saying, “This investment allows Hero MotoCorp to venture into a rapidly growing electric three and four-wheeler market, while unlocking adjacent business opportunities.”
The move also aligns with Hero’s broader sustainability goals, as the company seeks to play a leading role in India’s transition to clean mobility.
The Bigger Picture: Why Commercial EVs Matter
India’s commercial EV sector is experiencing unprecedented growth, driven by government initiatives promoting electric mobility and increasing corporate commitments to sustainability.
The commercial vehicle segment, in particular, represents a critical opportunity for electrification. With high utilisation rates and predictable routes, commercial vehicles are ideally suited for EV adoption, offering significant cost savings and environmental benefits.
Euler Motors’ focus on developing EV technology specifically for the Indian market positions it at the forefront of this transformation. As more businesses look to electrify their fleets, the demand for reliable, high-performance commercial EVs is set to soar.
Investment Snapshot
| Investor | Role in Funding Round | Strategic Focus |
|---|---|---|
| Hero MotoCorp | Lead Investor | Entry into electric 3W/4W market |
| British International Investment (BII) | Co-lead, Existing Investor | Deepening partnership, sustainability |
| Blume Ventures, Athera Partners, ADB Ventures, Piramal Alternatives | Previous Investors | Continued support for EV innovation |
Summary
The ₹638 crore investment led by Hero MotoCorp and BII is a game-changer for Euler Motors and the broader Indian commercial EV market. As the country accelerates toward a greener future, this partnership is set to drive innovation, create new business opportunities, and make electric mobility mainstream for Indian businesses.
