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Hero MotoCorp to invest $61m in Indian EV maker Euler Motors
Hero MotoCorp announced on Mar. 20, plans to invest up to 525 crore rupees (US$61 million) in electric vehicle manufacturer Euler Motors.
The company’s board approved acquiring a nearly 32.5% stake in the EV startup through a combination of primary and secondary investments.
As part of the agreement, Hero MotoCorp will buy equity shares and Series D compulsory convertible preference shares of Euler Motors.
Founded in 2018 by Saurav Kumar, Euler Motors designs and manufactures electric three-wheelers.
It operates in over 30 cities across India and manages more than 500 charging hubs in locations such as Delhi NCR, Hyderabad, and Bengaluru.
Recent Hero MotoCorp developments
| Timeline |
|---|
| 10-Mar-2025 ⚡ Indian e-scooter maker Ather converts shares ahead of IPO Ather Energy converts 173,000 CCPS into 240 million equity shares as it prepares for a $2.5 billion IPO by April 2025. |
| 05-Sep-2023 ⚡ In 50 Words: Hero MotoCorp to invest up to $66.5m in India-based EV firm Hero MotoCorp plans to invest $66.5M in Ather Energy, increasing its stake amid reduced EV subsidies in India. |
| 13-May-2022 🚀 Indian e-scooter maker rides to $128m raise Ather Energy raises $128M to expand electric scooter production and network, aiming for 150 centers in 100 cities by next year. |
| 16-Sep-2021 🛵 Taiwanese e-bike startup eyes US listing via SPAC merger next year Gogoro will go public via a $2.35B SPAC merger, aiming to expand its electric scooter technology in Asia. |
| 16-Aug-2021 🏍️ Yamaha, Spotify India CEO join Indian bike taxi startup’s $52m round Rapido secures $52M in Series C funding, aiming for 50M users as it expands bike taxi services across India. |
| 13-Apr-2021 🎓 Hero Group partners with MIT, University of Cambridge to launch new Indian edtech firm Hero Group launches edtech startup Hero Vired, investing over $10M and partnering with top universities for innovative courses. |
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