Hero MotoCorp, a leading motorcycle and scooter manufacturer, has announced a strategic investment of up to ₹525 crore (approximately $60 million) in Euler Motors, a company specializing in electric three-wheelers.
This investment marks Hero MotoCorp’s official entry into the electric three-wheeler market and follows its earlier acquisition of a 40% stake in Ather Energy. The deal was first reported by Entrackr last month.
The company’s Board of Directors approved the investment in a meeting held on March 20, 2025.
The funding, to be infused in multiple tranches, will secure Hero MotoCorp a 32.5% stake in Euler Motors on a fully diluted basis. This investment comes within a year of Euler Motors’ $24 million extended Series C round.
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Hero MotoCorp’s Executive Chairman, Pawan Munjal, described the investment as a significant step toward the company’s vision of becoming a leader in future mobility.
He emphasized that this move reflects the company’s strategy of leveraging collaboration and adaptability to drive growth through both organic and inorganic expansion.
Founded in 2018 by Saurav Kumar, Euler Motors is known for its flagship model, the HiLoad EV, which is touted as the most powerful electric cargo three-wheeler with a range of 170 kilometers.
The Delhi-based company recently expanded its portfolio by launching its first electric commercial four-wheeler.
Operating across 30 cities in India, Euler Motors has shown impressive growth, with a turnover of ₹172 crore in FY 2023-24, a significant jump from ₹49 crore in the previous year.
Hero MotoCorp’s investment is expected to strengthen its position in the rapidly growing electric three-wheeler market, where EV adoption is projected to surge in the coming years.
In this segment, Euler Motors competes with companies like Altigreen and established players such as Mahindra Electric, Piaggio, Kinetic Green, and Tata.
