Euler Motors Revenue, Valuation, Funding & Investors

Euler Motors is valued at $173M as of March 2025, a 8.7x multiple on its last reported $20M revenue.

Last Euler Motors valuation

$173M

Series D · Mar 2025

Last Euler Motors funding round

$48M

Series E · Mar 2026

Euler Motors revenue

$20M

Series D · Mar 2025

Key investors in Euler Motors

  • Blume Ventures
  • Athera Venture Partners
  • ADB Ventures
  • British International Investment
  • HeroMotoCorp
  • QRG Investments and Holdings

Euler Motors Overview

About Euler Motors

Euler Motors is a Delhi-based manufacturer of electric commercial vehicles, founded in 2018, producing electric three-wheelers such as the HiLoad EV and four-wheelers such as the StormEV for the e-commerce, retail, and logistics sectors. The company operates across dozens of Indian cities, building out sales, service, and charging infrastructure alongside vehicle production. It produces roughly 1,000 vehicles per month.


Founded

2018

HQ

IndiaIndia

Status

Privately held

Customer focus

B2B

Revenue model

Product sales, Subscription

Revenue

$20M (Mar 2025)

Valuation

$173M (Mar 2025)

Euler Motors Valuation

Euler Motors is currently valued at $173M, based on its Series D in March 2025.

The $74M round was led by HeroMotoCorp, with participation from Caladium Investments and British International Investment.

Euler Motors' valuation has grown 2.5x from $70M at its Series B in April 2022 to $173M in March 2025, across 3 priced rounds.

Euler Motors valuation by funding round

Revenue multiple
Euler Motors valuation by funding round
DateStageValuationRevenue Multiple
Mar 2025Series D$173M8.7x
Oct 2022Series C$200M-
Apr 2022Series B$70M3.5x

Euler Motors Revenue

Euler Motors' latest recorded revenue is $20M, as of its Series D in March 2025. At a $173M valuation, that implies a 8.7x revenue multiple.

Revenue moved from $20M in April 2022 to $20M in March 2025, while the revenue multiple moved from 3.5x to 8.7x.

Euler Motors revenue by funding round

Euler Motors revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Mar 2025$20M$173M8.7xSeries D
Apr 2022$20M$70M3.5xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Euler Motors Funding History

Euler Motors has raised a total of $253M across 11 funding rounds, plus 1 secondary share sale.

Euler Motors' first fundraising round was a $2M seed round in August 2019. The most recent completed round was a $48M Series E in March 2026.

Euler Motors funding rounds

Euler Motors funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2026Series ELightrock (lead); Blume Ventures; HeroMotoCorp$48M--
Mar 2026SecondaryLightrock (lead); Blume Ventures; HeroMotoCorp---
Mar 2025Series DHeroMotoCorp (lead); Caladium Investments; British International Investment$74M$173MEuler Motors is an electric commercial vehicle manufacturer founded in 2018, specializing in electric three-wheelers like the HiLoad EV and four-wheelers like the StormEV for e-commerce, retail, and logistics sectors, operating in 64 cities across India. In March 2025, Hero MotoCorp invested Rs 525 crore (approximately $61 million) as the lead in a Series D round, with participation from British International Investment (BII), aligning with the query's investors (Caladium possibly referring to another participant or error). The full Series D totaled Rs 638 crore, used to expand sales and service networks and advance product development to boost commercial EV adoption in India. Euler Motors has raised approximately Rs 1,420 crore to date across rounds, including a prior Series C of Rs 200 crore from BII, Blume Ventures, and others, and January 2025 debt of up to $20 million from responsAbility. The company produces around 1,000 vehicles monthly, targeting a double to 2,000 per shift with Rs 300-400 crore planned spending over 18-24 months. For FY ended March 31, 2025, it reported turnover (revenue) of Rs 191 crore, aiming to nearly double to Rs 400 crore in FY26 while pursuing EBITDA breakeven by decade's end. Despite growth, Euler Motors posted a net loss of Rs 200.2 crore in FY25 (down 12% YoY), with rising expenses like employee costs up 46% to Rs 74.4 crore. Hero MotoCorp later approved additional Rs 275 crore investment in February 2026 (Series E), increasing its stake from 34.1% to 36% via primary and secondary tranches by April 2026, signaling confidence in the EV market amid policy pushes like PLI scheme enhancements.
May 2024Series CPiramal Alternatives (lead); British International Investment; Blume Ventures$24M-Euler Motors is an Indian manufacturer of electric commercial vehicles, focusing on last-mile mobility solutions like cargo three-wheelers such as the HiLoad EV with 170 km range and 688 kg payload. The company closed its Series C funding round on May 29, 2024, raising an additional INR 200 crore ($24 million) led by Piramal Alternatives, with participation from existing investors British International Investment and Blume Ventures, bringing the total Series C to INR 570 crore ($68 million). Funds will expand presence to over 40 cities by FY25, enhance servicing infrastructure, support product development, new variants, and R&D. In FY24 (ending March 2024), Euler Motors achieved operating revenue of INR 189 crore, up threefold from prior year, amid a net loss of INR 226.9 crore; it sold 3,700 vehicles, expanding from 5 to 22 cities with mostly self-owned showrooms. Earlier FY23 saw operating revenue of INR 49 crore and net loss of INR 168.7 crore. The round follows a 'down round' from October 2022's $60 million raise at $200-250 million estimated valuation, with prior tranches including INR 120 crore in November 2023. Piramal Alternatives' investment marks the first direct co-investment from its India Access Fund, highlighting Euler Motors' tech and R&D in EV logistics. Total funding to date exceeds INR 770 crore, positioning it against competitors in India's growing commercial EV market targeting double-digit share.
Nov 2023Series CBritish International Investment (lead); Athera Venture Partners; ADB Ventures; GIC; Alteria Capital; Frontier Capital Management Company, LLC; QRG Investments and Holdings; Blume Ventures$14M-Euler Motors is a Delhi-based manufacturer of electric three-wheeled commercial vehicles, including the HiLoad EV, and four-wheeler LCVs like StormEV. The company secured INR 120 crore in its Series C funding round in November 2023, led by British International Investment, with participation from Green Frontier Capital, Blume Ventures, and GIC Singapore. Funds were allocated to expand to 40 cities by FY24 end, enhance charging networks, and cover operational costs. In FY23, operational revenue grew 250% to INR 61.53 crore, though net loss rose to INR 175 crore amid expansion in materials, warranty, rent, salaries, and R&D. Euler Motors held a 25% market share in served cities and targeted INR 200 crore annual revenue that fiscal year. A follow-on Series D round of INR 638 crore in 2024, led by Hero MotoCorp and BII, supported sales network growth to 80-100 cities, charging infrastructure, HR, and R&D for next-gen EVs.
Oct 2022Series CGIC (lead); Athera Venture Partners; ADB Ventures; QRG Investments and Holdings; Blume Ventures; Moglix$60M$200M-
Apr 2022Series BMoglix (lead)$5M$70MEuler Motors is a New Delhi-based electric vehicle manufacturing startup focused on producing EVs. In April 2022, it raised $5 million in a Series B funding round from Moglix to boost research and development efforts. The post-money valuation reached $70 million. This round followed earlier funding, including a $10 million Series B in November 2021 led by QRG Investments and Holdings to enhance production and market presence, and a $9.4 million Series A in March 2021. Subsequent rounds included a Series C of $60 million led by GIC in October 2022 and later Series D raises totaling over ₹1,000 crore in 2025.
Nov 2021Series BQRG Investments and Holdings (lead); Athera Venture Partners; ADB Ventures; Jetty Ventures; Blume Ventures; Kailash Trust$10M-Euler Motors, a New Delhi-based electric vehicle startup, manufactures electric commercial vehicles, including the L5N category HiLoad EV launched in October 2021. The company provides EV fleet services, having completed over 10 million deliveries for customers like BigBasket, Flipkart, and Udaan, and manages over 200 charging stations in Delhi-NCR. On November 22, 2021, Euler Motors raised $10 million in a funding round led by QRG Investments and Holdings, with participation from existing investors Blume Ventures, ADB Ventures, Jetty Ventures, and Kailash Trust. This brought total funding since inception in 2018 to $21.6 million. The round supports scaling production for the HiLoad EV, which had 2,500 orders within 10 days of launch and is expected to reach 4,500 units in the next year, priced at Rs. 3,49,999. Funds will expand operations in North and South India, strengthen production capacity, and meet retail demand. Euler Motors plans a $50 million Series B round the following year.
Mar 2021Series AAthera Venture Partners; ADB Ventures; Blume Ventures; Ev2 Ventures$9M-Euler Motors is an Indian OEM focused on electric commercial vehicles, including three-wheelers for last-mile delivery. In March 2021, it closed a Series A funding round totaling approximately $9.4 million, with additional $2.6 million from ADB Ventures and Blume Ventures, following an initial $4 million from Inventus Capital and Jetty Ventures. Investors in the round included ADB Ventures, Athera Venture Partners, Blume Ventures, and others. The funds supported launching a three-wheeler cargo vehicle and expanding to cities like Bengaluru, Kolkata, Ahmedabad, and Pune beyond Delhi-NCR. Euler Motors had deployed over 250 vehicles across ecommerce and 3PL companies and established 100+ charging stations in Delhi-NCR.
Mar 2021Series AAthera Venture Partners (lead); Jetty Ventures (lead); Ganesh Krishnan; Sujeet Kumar; Srinivas Anumolu$4M-Euler Motors raised ₹300 million in a Series A funding round in March 2021 from Athera Venture Partners and Jetty Ventures to further scale production and enhance technological development. The company also secured a prior ₹200 million round in May 2020 led by Athera Venture Partners to support the launch of new electric vehicle models. Euler Motors manufactures electric commercial vehicles, focusing on three-wheelers and light commercial vehicles for logistics and delivery applications.
May 2020Series AAthera Venture Partners (lead); Jetty Ventures; Blume Ventures; Sujeet Kumar$3M-Euler Motors is an Indian electric vehicle manufacturer focused on commercial vehicles for last-mile cargo logistics. The company was founded in 2018 by Saurav Kumar and specializes in electric three-wheelers and four-wheelers designed for e-commerce, retail, and logistics segments. In May 2020, Euler Motors raised ₹200 million (approximately $2.6 million USD equivalent) in a seed round led by Athera Venture Partners, with the capital intended to support the launch of new electric vehicle models. By the time of its Series C round in November 2023, the company had scaled significantly, having sold 3,700 vehicles in the prior fiscal year across 22 cities, with plans to expand to over 40 cities. The company has since raised a total of approximately ₹1,420 crore across multiple funding rounds, with recent Series D funding of ₹638 crore led by Hero MotoCorp in May 2025, demonstrating strong investor confidence in India's commercial EV segment.
Aug 2019SeedEmergent Ventures; Blume Ventures$2M--

Who has invested in Euler Motors?

20 investors have backed Euler Motors across its funding rounds, including Blume Ventures, Athera Venture Partners, ADB Ventures, British International Investment, HeroMotoCorp and QRG Investments and Holdings.

Lead investors include Lightrock, HeroMotoCorp, Piramal Alternatives, British International Investment, GIC and 4 other investors.


Euler Motors Investors

Investors in Euler Motors by funding rounds participated
InvestorHQRoundsRoleFirst check
Blume VenturesIndiaMumbai9ParticipantAug 2019
Athera Venture PartnersIndiaBangalore6LeadMay 2020
ADB VenturesPhilippinesManila4ParticipantMar 2021
QRG Investments and HoldingsIndiaNew Delhi3LeadNov 2021
Jetty VenturesSingaporeSingapore3LeadMay 2020
British International InvestmentUnited KingdomLondon3LeadNov 2023
HeroMotoCorpIndiaNew Delhi3LeadMar 2025
GICSingaporeSingapore2LeadOct 2022
Sujeet KumarIndiaNew Delhi2ParticipantMay 2020
MoglixSingaporeSingapore2LeadApr 2022
LightrockUnited KingdomLondon2LeadMar 2026
Emergent VenturesUnited StatesSan Francisco, CA1ParticipantAug 2019
Ganesh KrishnanIndiaIndia1ParticipantMar 2021

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Euler Motors Competitors

Euler Motors competitors include listed companies like AmeriTrust and Digital Currency X, and private ones like Monta, Applied EV, Car Capital Technologies and Chuhang Tech.

Public and private companies comparable to Euler Motors
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MontaDenmarkCopenhagenPrivate--$155M-
Applied EVAustraliaMelbournePrivate--$170M-
Car Capital TechnologiesUnited StatesDallas, TXPrivate--$170M-
AmeriTrustCanadaCanadaPublicly listed$1M($8M)$165M63.0x
Digital Currency XChinaChinaPublicly listed-$71M$155M-
Chuhang TechChinaNanjingPrivate--$200M-

Euler Motors Public Comps

Euler Motors is still privately-owned, but its public comps include AmeriTrust, Niu Technologies, Digital Currency X, EVgo, Smart Eye, WLM, MotorK, Electreon Wireless, Saean Group and MIC Electronics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
AmeriTrust$1M($8M)139.0x63.0x(19.9x)(24.5x)
Niu Technologies$642M$4M0.1x0.1x10.4x(2.6x)
Digital Currency X-$71M--2.2x-
EVgo$384M($18M)2.2x2.1x(46.9x)(78.2x)
Smart Eye$41M$495K5.9x4.4x494.2x25.5x
WLM$586M$38M0.3x-5.2x-
MotorK$47M$866K3.0x2.6x162.1x30.4x
Electreon Wireless$5M($33M)43.2x-(7.0x)-

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Common questions about Euler Motors

When was Euler Motors founded?Euler Motors was founded in 2018.
Where is Euler Motors headquartered?Euler Motors is headquartered in India.
Is Euler Motors publicly listed?No, Euler Motors is a private, VC-backed company.
What is Euler Motors' valuation?Euler Motors was last valued at $173M in its Series D in March 2025.
How much funding has Euler Motors raised?Euler Motors has raised $253M across 11 funding rounds.
What was Euler Motors' last funding round?Euler Motors' last funding round was a $48M Series E in March 2026, led by Lightrock.
Who are Euler Motors' investors?Euler Motors' investors include Blume Ventures, Athera Venture Partners, ADB Ventures, QRG Investments and Holdings, Jetty Ventures, British International Investment, HeroMotoCorp, GIC, Sujeet Kumar, Moglix and 10 others.
What is Euler Motors' revenue?Euler Motors' latest recorded revenue is $20M (March 2025).
What is Euler Motors' revenue multiple?Euler Motors' latest valuation implies a 8.7x revenue multiple ($173M valuation on $20M of revenue).
Which companies are comparable to Euler Motors?Companies comparable to Euler Motors include Monta, Applied EV, Car Capital Technologies, AmeriTrust, Digital Currency X and Chuhang Tech.

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