Hero MotoCorp, a well-known maker of motorcycles and scooters, has announced a strategic investment of up to Rs. 525 crore, or roughly $60 million, in the electric three-wheeler business Euler Motors.
Hero MotoCorp is entering the electric three-wheeler market with this approach. After acquiring a 40% stake in Ather Energy, this is its second significant EV investment.
At its meeting on March 20, 2025, Hero MotoCorp's Board of Directors gave their approval to the investment. The corporation will receive a fully diluted 32.5% interest in Euler Motors as a result of the transaction, which will be made in one or more tranches.
The $24 million extended Series C round was completed within a year of the initial round.
The investment, according to Hero MotoCorp's Executive Chairman Pawan Munjal, is a daring move in realizing the company's mission to "Be the Future of Mobility." He underlined that the investment strengthens Hero MotoCorp's resolve to accelerate growth through both organic and inorganic expansion, while also demonstrating the value of teamwork and flexibility in a changing industry.
With a range of 170 kilometers, Euler Motors' flagship model, the HiLoad EV, which was introduced by Saurav Kumar in 2018, is billed as the most potent electric cargo three-wheeler.
The Delhi-based company recently introduced its first electric commercial four-wheeler, broadening its range of products. With operations in more than 30 Indian locations, Euler Motors has experienced notable expansion. In the fiscal year 2023–24, the company reported a turnover of Rs. 172 crore, a substantial rise from Rs. 49 crore the year before.
Hero MotoCorp's acquisition of Euler Motors is anticipated to provide the business a solid presence in the electric three-wheeler industry, where EVs are anticipated to make up a sizable share of overall sales in the years to come.
Along with well-known companies like Mahindra Electric, Piaggio, Kinetic Green, Tata, and others, Euler Motors faces competition from Altigreen in the electric three-wheeler market.
