Alternative credit platform BlackSoil has invested ₹750 million (~$8.1 million) in electric vehicle manufacturer Euler Motors as part of a funding round following the company’s Series D raise completed in May 2025. The round was led by BlackSoil with participation from several other investors.

The capital will primarily support Euler Motors’ operational requirements and expansion plans. These include strengthening working capital, expanding infrastructure required for manufacturing and operations, and supporting further electrification of its vehicle portfolio and ecosystem.

Euler Motors focuses on producing electric three-wheelers designed for cargo and logistics use. The company develops electric vehicles specifically aimed at commercial applications, including e-commerce, hyperlocal delivery services, and logistics fleet operations. Its vehicles are positioned as cargo-focused electric mobility solutions for businesses seeking to electrify last-mile delivery and transport operations.

BlackSoil said the investment aligns with its strategy of deploying alternative capital at key growth stages for companies demonstrating operating momentum and long-term value-creation potential. The investment also reflects BlackSoil’s view on the broader growth opportunity in India’s electric mobility ecosystem.

The environmental impact generated through BlackSoil’s portfolio companies indicates a significant contribution to clean mobility. According to the firm’s climate action metrics, the portfolio has supported 50,200 electric vehicles, enabling more than 253 million clean kms of travel.

BlackSoil has also contributed to the development of the electric vehicle ecosystem through its investment in Upgrid Electrilease, which operates the Battery Smart battery-swapping network. The platform has enabled more than 210 million emission-free kms, deployed more than 9,500 batteries, and completed over six million battery swaps.

Recently, Hero MotoCorp approved an additional investment of up to ₹2.75 billion (~$30.45 million) in Euler Motors. The investment is to be made in one or more tranches through a combination of primary infusion and/or secondary purchase.

Electric vehicle sales in India reached a record 2.27 million units in 2025, an over 16% year-over-year increase from 1.95 million units sold in 2024. They accounted for 8% of overall automobile sales, according to the Ministry of Road Transport and Highways.