Hero MotoCorp has announced an investment in the EV space by acquiring a stake in Euler Motors Private Limited. The company will invest up to ₹525 crore in one or more phases. With this, Hero MotoCorp is making its foray into the electric three-wheeler market, which is witnessing strong demand.
This investment will be made through a combination of equity shares and Series D compulsory convertible preference shares, ultimately giving Hero MotoCorp a 32.5% stake in Euler Motors on a fully diluted basis. A portion of the funds may also be used to acquire shares from existing shareholders.
Euler Motors, which currently operates in 30 cities across India, is engaged in designing, manufacturing, and servicing electric three-wheelers. The company has recently launched its first electric commercial four-wheeler. With electric three-wheelers expected to make up 35% of total sales in the near future, this deal positions Hero MotoCorp to benefit from the sector’s growth.
With this move, Hero MotoCorp is not only expanding its reach in the EV market but also taking a step forward in shaping the future of sustainable transportation in India.