In India’s race toward sustainable urban mobility, few companies have made as significant an impact as Euler Motors. Founded in 2018 by Saurav Kumar, Euler has quickly positioned itself as a leader in the commercial electric vehicle (EV) sector. With a strong focus on reducing urban pollution and optimising logistics, the company is delivering high-performance electric cargo solutions that cater to the evolving needs of India’s e-commerce and logistics industries.
What sets Euler Motors apart is its holistic approach. The company isn’t just building electric vehicles; it’s creating an ecosystem around them. This includes an expanding charging infrastructure with over 200 stations in major cities, along with comprehensive customer support covering servicing, financing, and fleet management. Euler’s full-stack strategy ensures businesses face minimal disruption when transitioning to EVs.
With over ₹690 crores in funding and an order book exceeding 9,000 vehicles, Euler Motors is scaling its operations across 40 cities. Its flagship product, the HiLoad EV, has already covered over 45 million kilometres, proving that electric vehicles can be a reliable and cost-effective solution for last-mile deliveries.
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The Vision: Electrifying India’s Urban Cargo Transport
Saurav Kumar, after selling his previous venture to Paytm in 2017, aimed to address India’s severe air pollution crisis. “If you look at the world’s 20 most polluted cities, 18 of them are in India,” Kumar noted, underlining the crucial role of vehicles in worsening pollution. He founded Euler Motors to build electric three-wheelers that could outperform diesel vehicles in both sustainability and cost. This led to the creation of the HiLoad EV, a three-wheeled electric cargo vehicle with one of the highest payload capacities in its class.
Innovation at the Core: The HiLoad EV
Euler Motors distinguishes itself with its focus on product performance and innovation. The HiLoad EV boasts a payload capacity of 688 kg and can cover up to 170 kilometres on a single charge. It features a proprietary liquid-cooled battery pack, designed to operate efficiently even in India’s harsh climates. This focus on innovation ensures that the vehicle remains reliable under extreme temperature conditions, a critical factor in a country known for its intense summer heat.
Not only does the HiLoad EV excel in performance, but it is also cost-effective. Running costs are as low as 60-70 paise per kilometre, compared to up to ₹3 per kilometre for diesel vehicles. This makes it not only an environmentally friendly option but also a financially viable one for businesses.
Building a Full-Stack EV Ecosystem
Recognizing that the success of electric vehicles depends on supporting infrastructure, Euler Motors took a holistic approach from the start. The company has established over 200 charging stations across key Indian cities, with plans to expand the network as demand for EVs grows. This extensive infrastructure is crucial to addressing range anxiety, a significant barrier to EV adoption in India.
Beyond just vehicles and charging stations, Euler Motors provides a suite of services. The company offers vehicle servicing, financing options, and app-based tracking, which creates an integrated platform for commercial EV users. This full-stack approach simplifies EV ownership, allowing businesses to focus on operations while Euler handles the logistics.
Scaling Up: Funding and Expansion
Euler Motors has attracted considerable investor interest due to its strong growth prospects. In 2022, the company raised $60 million in a Series C funding round led by GIC Singapore, with participation from Blume Ventures, ADB Ventures, and British International Investment. This was followed by an additional ₹120 crore ($14.5 million) extension in 2023, bringing its total funding to ₹690 crores.
These funds are being used to expand the company’s manufacturing capacity and increase its presence in 40 Indian cities. Euler Motors currently has an order book of over 9,000 vehicles, with major clients such as Flipkart and Amazon relying on its EVs for last-mile deliveries. The company’s vehicles have already covered over 45 million kilometres, demonstrating that EVs can be a reliable and scalable solution for logistics.
A Greener Future: What Lies Ahead
As Euler Motors scales its operations, the company is focused on becoming a global leader in commercial electric vehicles. The company’s commitment to a sustainable future is evident through its continued investment in research and development, infrastructure, and strategic partnerships. With plans to expand its EV network to 40 cities by the end of this fiscal year and ongoing improvements in vehicle technology, Euler Motors is poised to redefine India’s urban logistics landscape.
In a market that is rapidly shifting towards sustainability, Euler Motors stands out for its innovative approach and comprehensive vision. The company is not just building electric vehicles; it is building a future where clean, efficient, and affordable transport becomes the norm. As India’s commercial EV leader, Euler Motors is driving the country’s transition to a greener, more sustainable future.
