Hero MotoCorp, a manufacturer of motorcycles and scooters, to make an strategic investment of up to ₹525 crore in Euler Motors, a company focused on electric three-wheelers.
The primary investment would be made by HMCL in Equity Shares and Series D Compulsory Convertible Preference Shares; under which HMCL’s stake would be approximately 32.5% on a fully diluted basis.
This investment will provide Hero MotoCorp with a strong foothold in the fast-growing electric three-wheeler market, where EVs are projected to account for 35% of total sales in the near future.
“Our strategic investment in Euler is a bold step towards realizing our vision to ‘Be the Future of Mobility’. This investment reinforces our commitment to accelerated growth through both organic and inorganic expansion, while highlighting the power of collaboration and adaptability in an ever-evolving market. As a global automotive leader, Hero MotoCorp is driven by sustainability, innovation and customer-centric progress. As we strengthen and diversify our presence in emerging mobility landscape, this investment allows Hero MotoCorp to venture into a rapidly growing electric three and four-wheeler market, while unlocking adjacent business opportunities and continuing to cement its leadership in the future of sustainable mobility,” said Pawan Munjal, Executive Chairman, Hero MotoCorp.
Founded in 2018 by Saurav Kumar, Euler Motors is an automotive OEM in the commercial EV space. Euler Motors has a presence in 30 cities in India and is engaged in the designing, manufacturing and sale & service of electric three-wheelers. They recently launched their first electric commercial four-wheeler.
The company has launched an advanced technology 3-wheeler cargo vehicle, the HiLoad EV. Euler HiLoad EV, eads the LCV segment with the highest load-carrying capacity of 688 kg and the greatest range of 170 km.
The company’s vehicles are being sold across companies like Flipkart, BigBasket, Havells, Udaan, and Magenta, among others. These companies have deployed Euler Motors’ EV across Delhi NCR, Bengaluru, Hyderabad, Chennai, Lucknow, Chandigarh & more to transform and strengthen their first, mid & last-mile operations.
