Hero MotoCorp, India’s largest two-wheeler manufacturer, has announced a strategic investment of ₹525 crore (approximately $60 million) in Euler Motors, an electric vehicle startup known for its commercial EV three-wheelers. This move marks Hero MotoCorp’s entry into the electric three-wheeler segment, aligning with its broader electrification goals.
Key Details:
- Investment Amount: ₹525 crore (~$60 million)
- Stake Acquired: Approximately 32.5% on a fully diluted basis
- Structure of Investment: Combination of equity shares and Series D compulsory convertible preference shares
- Objective: To strengthen presence in the rapidly growing electric commercial vehicle space
- Market Outlook: Electric three-wheelers are expected to represent over 35% of total three-wheeler sales in India in the coming years
Founder's Background:
- Saurav Kumar, Founder and CEO of Euler Motors, launched the company in 2018 to revolutionize last-mile logistics through sustainable mobility.
- Prior to Euler, he co-founded Cube26, a tech innovation firm later acquired by Paytm.
- Saurav holds a degree in Computer Science from Delhi College of Engineering and has pursued advanced research in machine learning and computer vision at Cornell University and INRIA, France.
Funding Details:
The ₹525 crore investment by Hero MotoCorp is structured to be executed in tranches, with completion expected by April 2025. The funds will be used by Euler Motors to ramp up production, enhance product offerings, and expand market reach. This move is part of Hero’s strategy to diversify its EV portfolio and reinforce its commitment to clean and future-ready mobility solutions.