The company manufactures electric three-wheel and four-wheel commercial vehicles and plans to expand its sales and distribution network to 80-100 cities over the next 12-15 months, up from the current 40 cities.
This is closed in Delhi-based company ₹The 6.38 million Series D financing led by hero Motocorp also marks the entry of the country’s largest two-wheeler player into the electric tricycle field.
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Saurav Kumar, founder and CEO of Euler Motors, told us: “Fundraising will help us consolidate our presence nationwide and invest in better products for our clients.” Mint.
Hero announced in March 2025 that it is investing ₹The startup can acquire a 32.5% stake. Previously, Hero also invested in Ather Energy Ltd., which currently accounts for 30% of listed entities.
“Heroes and Euler can create many synergies together. But at this point, it’s just an investment. We want to take some knowledge and apply it to our own company,” Kumar said.
Other investors in the round include UK development financial institution UK International Investment (BII).
According to Tracxn, the founder holds a 9.82% stake in the company before this funding ends.
On the board
Currently, the company was founded in 2018 and has not yet clarified whether members of Hero Motocorp will join Euler Motors’ board of directors.
In fiscal year 2024, its losses are ₹2.26 million, the revenue is recorded in ₹1.89 million. The company has not submitted its fiscal year 2025 results to the Department of Corporate Affairs.
“Profitability and scale go hand in hand. This is still early in our journey, but as we increase sales and increase gross margins, profitability should come.”
Euler Motors sold about 3,226 electric tricycles in fiscal 2025, largely catering to the commercial vehicle sector. Competitors in the space include Bajaj Auto Ltd, Mahindra and Mahindra Ltd and Piaggio Group.
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Its presence in the quad bike sector remains very new and continues to earn most of its revenue from the tricycle sector.
The country’s tricycle market is scattered with more than 500 players. Euler has a unit’s market share throughout the market led by Mahindra.
Speaking about investments in Euler, the hero manager mentioned in his post-collect earnings call on May 14 that its investment in these startups is part of a long-term strategy as it hopes to work with them.
The electric tricycle market is growing rapidly, with the penetration rate of the entire market approaching 50%. In 2025, there were approximately 699,073 electric tricycles sold in the country.
“The expansion of the big players in this segment is great because it will help grow pie. We have to compete with CNG players and now have to compete with variants in the electrical space, so it’s not new for us,” Kumar said.
Even though Euler has expanded its bid, competition in the electric tricycle space is expected to tighten as well. Bajaj Auto has announced several new products in this segment and hopes to introduce more products in the commercial and passenger segments.
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“There will be a lot of better products. The electric tricycle market will consolidate people who are favoring the big players. We are late contestants because we take the time to develop products customers will love,” Intainity Business Subandh, president of Bajaj Auto, said in an interview in March.
