At Climate Angels, our investment philosophy is rooted in identifying transformative ventures that combine visionary leadership, strong product-market fit, and scalable impact. Euler Motors checks all those boxes and more. As a next-generation OEM in India’s rapidly electrifying commercial vehicle space, Euler is redefining how last-mile cargo is moved in urban India.
What Does Euler Motors Do?
ounded in New Delhi, Euler Motors designs and manufactures electric cargo vehicles specifically tailored for India’s demanding commercial conditions. Their flagship offering, the Euler HiLoad EV, is not just another retrofitted ICE vehicle—it’s a ground-up, purpose-built EV platform. With features like liquid-cooled lithium-ion batteries, a range of up to 120 km per charge, and industry-leading payload capacity of 700 kg, the HiLoad EV sets a new benchmark for 3-wheeler cargo vehicles.
Building on this success, Euler has launched a 4-wheeler mini truck—the Euler Vortex EV. It boasts a 150 km range, a high-torque motor (40kW/250Nm), and a 1100 kg payload, positioning it competitively against ICE incumbents like Tata and Ashok Leyland. Across both product lines, Euler prioritizes durability, technology, and serviceability—a trio that’s often overlooked in the commercial EV space.
Why We Invested: Our Thesis
We backed Euler Motors for three core reasons: founder-market fit, product and tech differentiation, and the sheer scale of market opportunity.
1. A Visionary at the Helm
In early-stage investing, the founder often makes or breaks the company. Euler’s founder and CEO, Saurav Kumar, is a builder in the truest sense—both literally and metaphorically. An engineer by training with a Master’s from Cornell, Saurav has been designing vehicles and drones since he was 15. His prior venture, Cube26, was acquired by Paytm. What impressed us most, however, was his relentless focus on solving for the Indian market—not copying western EV templates, but building from first principles.
He’s also surrounded himself with a strong, cohesive leadership team that has a shared history and proven executional velocity. Several senior leaders, including VPs of Sales, Growth, and Manufacturing, are ex-Cube26 colleagues—a testament to team trust and alignment.
2. A Product with Real Differentiation
Too many EV startups in India are attempting to out-market ICE players using only incremental improvements. Euler chose the harder, smarter route: develop their own EV platform ground-up, tailored to Indian roads and commercial use-cases. From superior battery thermal management to optimized payload configurations, their vehicles outperform both ICE rivals and EV competitors.
Unlike many competitors who simply retrofit ICE chassis with battery kits, Euler’s vertically integrated approach allows them to control the value chain and iterate faster. Their sales data backs this up—repeat purchase rates are high, customer referrals drive 20%+ of new business, and major e-commerce fleets have chosen Euler for their logistics needs.
3. Timing and TAM: A Market on the Verge of a Shift
We’re at an inflection point in India’s commercial transport landscape. Driven by rising fuel costs, stricter emissions norms, and supportive policies like the Delhi Aggregator Policy, EV adoption in the 3- and 4-wheeler cargo segments is set to explode.
India sold ~24,000 EV 3-wheelers in 2022, and that number is expected to grow 12x by 2030. The 4-wheeler EV cargo market, still largely untapped, could reach ~600,000 units annually by the end of the decade. Euler’s existing presence in 13 cities, with 17 sales points and 13 service centers, gives them a strong early mover advantage.
Challenges? Of Course. But Worth Betting On.
This isn’t a risk-free ride. Euler is still burning cash as it scales manufacturing and expands distribution. Gross margins were negative in FY23, and competitive pricing pressure from incumbent OEMs is real. But what gave us confidence is Euler’s roadmap—transitioning from COCO (company-owned) to dealer-led sales, launching a second factory to meet 4W demand, and focusing on high-margin segments like fleet electrification.
Most importantly, in an industry where reliability and uptime drive loyalty, Euler’s customer satisfaction metrics are stellar. That, in our eyes, is the best moat.
Looking Ahead
Our investment in Euler Motors is a bet on the next wave of commercial EV innovation. It’s a bet on India’s potential to lead the electrification of freight. And it’s a bet on a founder and team who have what it takes to build a billion-dollar OEM from the ground up.
We’re proud to partner with them in this journey.
