Electric vehicle (EV) manufacturer Euler Motors has raised ₹4.37 billion (~$46.2 million) in a Series E funding round. This round was led by Lightrock and saw Hero MotoCorp and Blume Ventures returning as investors.

The funding round was complemented by ₹2.5 billion (~$26.398,125) secured in debt from BlackSoil, Trifecta Capital, InnoVen Capital India, and Alteria Capital.

Euler Motors will use the funding to scale its manufacturing capabilities, expand operations across India, and broaden product portfolio to meet evolving customer needs.

Recently, BlackSoil invested ₹750 million (~$8.1 million) in Euler Motors as part of a funding round following the company’s Series D raise completed in May 2025. The round was led by BlackSoil with participation from several other investors.

This February, Hero MotoCorp approved an additional investment of up to ₹2.75 billion (~$30.45 million) in Euler Motors. The investment would be made in one or more tranches through a combination of primary infusion and/or secondary purchase.

Hero MotoCorp had announced an investment of ₹5.25 billion (~$61.06 million) to acquire a 32.5% stake in Euler Motors in March last year, and enter the electric three-wheeler market.

Last January, responsAbility announced an investment of up to $20 million (₹1.7 billion) in Euler Motors. The funding was part of responsAbility’s $500 million (₹42.5 billion) climate investment strategy to reduce CO2 emissions in Asia by supporting e-mobility solutions.

The Union Budget 2026–27 unveiled targeted outlays, customs duty rationalization, and policy reforms to accelerate the growth of renewables, EVs, critical minerals, and semiconductor manufacturing. Electric mobility received a clear fiscal boost through customs duty exemptions that lower manufacturing costs. The Budget added 35 capital goods for EV battery manufacturing and 28 capital goods for mobile phone battery manufacturing to the duty-exempt list.

EV sales in India reached a record 2.27 million units in 2025, an over 16% year-over-year increase from 1.95 million units sold in 2024. They accounted for 8% of overall automobile sales.