Driving the EV Logistics Revolution in India
India’s electric mobility landscape is shifting gears fast, and Euler Motors is accelerating right at the center of it. When it comes to Euler Motors: Charging Ahead in India’s EV Cargo Race, the company has been making significant strides. In just three years, electric three-wheeler adoption has skyrocketed, and Euler is rapidly becoming a frontrunner in EV cargo transport.
Back in FY21, India saw just 78,000 E-Rickshaw (P) units registered. By FY24, that number soared to 4.9 lakh. Meanwhile, traditional three-wheeler passenger vehicles grew from 1.34 lakh to 5.1 lakh units, signaling a decisive shift toward electric last-mile delivery
From Prototype to Powerhouse: The Euler Motors Journey
Founded in 2015 by Saurav Kumar, Euler Motors began as a prototyping startup in Delhi, originally known as Cube26 Automotive Research Pvt Ltd. But it quickly pivoted to a focused mission: decarbonize last-mile logistics in India using commercial electric vehicles.
🚛 Meet the Euler HiLoad EV
Euler’s flagship product is making waves in logistics and e-commerce sectors:
- 688 kg payload capacity
- 170+ km certified range
- Liquid-cooled battery system
- Fast-charging compatible
Trusted by leading 3PL companies and delivery giants like BigBasket, Udaan, and Ecom Express, the HiLoad EV is now operating across 30+ Indian cities, logging over 11 crore kilometers and saving an estimated 1.5 crore kg of CO₂ emissions.
Palwal Mega Factory: Manufacturing at Scale
To meet soaring demand, Euler Motors established a 500,000 sq. ft. factory in Palwal, Haryana, with an annual production capacity of 36,000 vehicles. This facility is critical to Euler’s expansion as India’s logistics industry electrifies.
Deep Pockets, Big Bets: Euler’s Funding Trail
Euler has so far raised a massive 14.20 Bn ($ 170+mn) across Series A to D rounds, making it one of the most well-funded private EV startups in India.
Financial Pulse: Growth with Burn
Euler’s revenue has grown over 10x in just 3 years, but it is still operating at a loss, a classic growth-before-profit narrative. The table below reflects the performance trajectory:
Building the EV Charging Ecosystem
Euler isn’t just selling EVs; it’s building infrastructure around them. The company has deployed 100+ charging stations in NCR and entered strategic partnerships to future-proof its fleet. Key partnerships include:
| Partner | Initiative |
| Tata Power | Co-developing renewable-powered charging infra |
| Fyn Mobility | 2,000 fast-charging HiLoad EVs across metro delivery hubs |
These partnerships are aimed at reinforcing Euler’s vehicle uptime and customer stickiness.
Market Growth: Euler’s Role in India’s EV Boom
Euler Motors’ registered vehicle count rose from 73 in FY21 to 3,700 in FY24, with 1,200 more in Q1 FY25 (Vahan data). In total, 6,200+ Euler HiLoad units have been deployed.
India-wide, the electric three-wheeler market is seeing explosive growth, and Euler is a major contributor.
India-Wide Three-Wheeler EV Registrations (FY21–FY25)
Euler’s own performance contributes to this surge. With 6,200+ units sold, 11 crore+ km driven, and 1.5 crore+ kg CO₂ saved, Euler is not just building vehicles, it’s actively shaping India’s zero-emissions future. The brand now operates with 31 active touchpoints for servicing and charging, ensuring uptime for B2B customers.
In conclusion, Euler’s rise parallels the exponential growth of electric three-wheelers in India, particularly in goods and fleet mobility. With continued demand acceleration and supportive policy measures, Euler is poised to capture a sizable share of this market.
Workforce, Layoffs & People Ops
Euler grew to 615 employees by March 2023. However, cost control measures led to 180+ layoffs in March 2024, primarily in sales and R&D.
| Period | Employee Count |
|---|---|
| Mar 2022 | 184 |
| Mar 2023 | 615 |
| Mar 2024 | 428 |
Competition & Market Mapping
Euler faces stiff competition in the electric 3-wheeler segment, but most competitors operate at lower scales and with limited funding.
What’s Next: Euler’s Roadmap to FY26
Euler Motors plans to:
- Expand to 40+ Indian cities
- Launch new HiLoad EV variants
- Introduce AI-powered fleet optimization
- Explore fleet-as-a-service (FaaS) and export markets
These moves aim to generate recurring revenues and cement its position as a logistics-focused EV leader.
Conclusion
Euler Motors is at a pivotal inflection point in India’s EV logistics journey. Its vertically integrated model, strong funding support, and ecosystem partnerships make it one of the most compelling bets in the clean mobility sector. While profitability remains elusive, its strategic direction and growth outlook are sharply aligned with India’s decarbonization goals.
Source: All financial and strategic data in this article is exclusively derived from the PrivateCircle Intelligence Report on Euler Motors.