MUMBAI: Hero Motocorp is revving up its electric ambitions, acquiring a significant stake in Euler Motors, a fast-growing player in the EV space. The deal, worth up to Rs 525 crore, will give Hero a strong foothold in the booming electric three-wheeler market, where EVs are expected to hit 35 per cent of total sales in the near future.

"Our strategic investment in Euler is a bold step towards realising our vision to ‘Be the Future of Mobility’," said Pawan Munjal, executive chairman, calling the move a blend of innovation, sustainability, and smart expansion.

The investment, approved by Hero's board, will be made in one or more tranches and will see Hero take an approximately 32.5 per cent stake in Euler on a fully diluted basis. The funds will be a mix of primary investment in equity and Series D convertible preference shares, along with the option to buy shares from existing Euler shareholders.

Euler Motors, already present in 30 Indian cities, is a rising force in electric three-wheelers and recently launched its first electric commercial four-wheeler. The company’s turnover has accelerated sharply, jumping from Rs 25 crore in 2022 to Rs 172 crore in 2024.

For Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, this investment is more than just a new venture—it’s a clear signal that the future is electric, and Hero is here to lead the charge.