Hero MotoCorp to acquire 32.5% stake in Euler Motors
Hero MotoCorp has entered the electric three-wheeler segment by investing USD 60 million in Delhi-based Euler Motors, which is operational in 30 Indian cities.
India’s leading two-wheeler manufacturer, Hero MotoCorp, has entered the electric three-wheeler segment by acquiring a 32.5% stake in Delhi-based Euler Motors with an investment of INR 5.25 billion (around USD 60 million ).
The transaction is expected to be completed in one or more tranches with a mix of primary and secondary investments.
Founded in 2018 by Saurav Kumar, Euler Motors is operational in 30 Indian cities and focuses on the electric commercial vehicle segment. Its flagship model, the HiLoad EV, offers a range of 170 kilometers. The company recently forayed into the electric four-wheeler space.
The move reflects Hero’s continued interest in electric mobility and follows its previous investment in electric scooter maker Ather Energy. Hero MotoCorp hopes to get a stronger foothold in India’s growing electric three-wheeler market, where EVs are projected to account for 35% of total sales.
“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,” said Pawan Munjal, Executive Chairman, Hero MotoCorp. “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.”
The electric three-wheeler market sold 53,116 units in February, a growth of 5% compared with February 2024, according to media reports. In this segment, Hero MotoCorp will compete with players like Mahindra & Mahindra, Bajaj Auto and Piaggio.
