Euler Motors, a leading manufacturer of electric commercial vehicles, has announced the successful closure of its Series C funding round, raising an additional INR 2 billion. The new investment round was led by existing investor Blume Venture and new investor Piramal Alternatives India Access Fund. 

Existing investors British International Investment, the UK’s development finance institution and also was part of the round which saw fresh infusion of funds. With this the company has raised INR 5.7 billion in total from investors in Series C.

In FY2024, Euler Motors sold 3,700 electric vehicles, while also expanding its presence from 5 to 22 cities in the country. The EV maker says it will utilise the fresh infusion of capital to further scale its all-India presence and servicing infrastructure and establish a presence in more than 40 cities by FY2025. In addition, the funds will be used for strategic initiatives aimed at driving product development, bringing new variants, enhancing technological capabilities, and accelerating R&D efforts.

Saurav Kumar, Founder & CEO, Euler Motors said, “We welcome the support of both existing and new investors. Our aim is to establish Euler Motors as India's No. 1 electric commercial vehicle brand with our powerful products and best-in-class services. Over the past 3 years, we've demonstrated impressive growth, gained the confidence of customers, and created a heightened demand for our products. This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double-digit market share. With this momentum, we're ready to accelerate our growth trajectory and lead the transition to commercial EVs in India.”

Kalpesh Kikani, CEO, Piramal Alternatives said, “We are pleased to participate alongside other marquee investors in furthering Euler Motors’ leadership position within its target market segment. We remain enthused both by the wider EV category itself as well as our chosen sub segment in terms of last mile mobility within the commercial / logistics category and Euler Motor’s relative positioning on the back of its strong technology and R&D capability. This is also the first direct co-investment from the recently launched Piramal Alternatives India Access Fund (Fund of Funds); which enables investor access to a well-diversified portfolio of both best-in-class Funds as well as specially curated co investments across the high growth Indian private equity and late-stage venture capital space.”

Abhinav Sinha, MD and Head of Technology and Telecoms, British International Investment said, “We are pleased to continue our partnership with Euler Motors to drive forward the advancement of commercial cargo electric vehicles in India. This sector of commercial cargo transportation carries considerable significance, not only in terms of job creation but also in terms of reducing emissions and supporting India’s clean energy transition. As the UK’s DFI, it aligns seamlessly with our strategic objectives to foster sustainable, and inclusive economic growth.”

The EV maker says its HiLoad EV is India's most powerful electric cargo three-wheeler, which comes with a claimed 170km ARAI-certified range (Real Range 110-120km), and a payload capacity of 688 kg, along with a proprietary liquid-cooled battery, and an inbuilt fast charging feature.

With the latest round, Euler Motors has till now successfully raised INR 7.7 billion.

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Ola Electric has announced the commencement of mass deliveries of its 4680 Bharat Cell-powered vehicles. The S1 Pro+ 5.2 kWh is the first product to be powered by the company’s indigenously manufactured 4680 Bharat Cell battery pack, which delivers more range, better performance and enhanced safety.

With its own battery packs in the vehicles, Ola Electric is now India's first company to fully own the battery pack and cell manufacturing process in-house.

The S1 Pro+ 5.2 kWh is powered by a 13 kW motor, offering acceleration of zero to 40 kmph in just 2.1 seconds. It comes with an impressive 320 km range (IDC with DIY mode).

The S1 Pro+ features four riding modes (Hyper, Sports, Normal and Eco) and also offers enhanced safety with category-first dual ABS and disk brakes in the front and rear. It also gets enhanced ergonomics and comfort, a two-tone seat with supportive foam, body-coloured mirrors, a die-cast aluminium grab handle, rim decals and an expanded colour palette comprising Passion Red, Porcelain White, Industrial Silver, Jet Black, Stellar Blue and Midnight Blue.

“The excitement for S1 Pro+ has been phenomenal. Deliveries are now in full swing, and customers are proudly riding India’s first scooters powered by our own 4680 Bharat Cell. This is a big moment, not just for Ola, but for India’s journey towards becoming a global EV hub. With the national rollout starting soon, we are now ready to take this breakthrough product and technology to every corner of the country,” an Ola Electric spokesperson said.

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CATL and Stellantis broke ground on a EUR 4.1 billion battery plant in Figueruelas, Spain, on 26 November. The 50:50 joint venture will produce lithium-iron-phosphate battery cells and targets an annual production capacity of 50 GW/h.

The project, which is Spain’s largest battery factory, is backed by over EUR 300 million in EU funds, with production expected to start in late 2026.

According to unions, around 2,000 Chinese workers will help construct the site, a point of contention with local authorities and residents. Also, 3,000 Spanish staff are to be hired and trained later.

Spanish authorities and residents have voiced concerns about job opportunities for local workers and potential strain from the influx of foreign employees. CATL Vice President Meng Xiangfeng said earlier in November the company needed experienced technicians to build and fine-tune production lines, with plans to train local workers to take over operations gradually.

David Romeral, Director General of CAAR Aragon, a network of automotive businesses in the region, said: “We don’t know this technology, these components – we’ve never made them before. They’re years ahead of us. All we can do is watch and learn.”

The regional government is organising work permits for arriving workers while seeking to attract battery supply chain companies to Aragon. Some Chinese technicians and managers have already arrived, with several hundred more expected by year-end and nearly 2,000 by the end of next year.

CATL’s approach contrasts with its Hungarian site in Debrecen, where it hired mostly locals to build its European plant. However, a lack of local workers caused production to be delayed from late 2025 into mid-2026. The Figueruelas facility will serve as CATL’s third European manufacturing operation, alongside the Hungarian plant and one in Germany.

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Neuron Energy, an EV battery manufacturer, has raised INR 310 million in a Pre-Series B funding round led by Equanimity Ventures, Rajiv Dadlani Group, Thackersay Family Office and Chona Family Office, with participation from Family Offices and HNI investors. With this, Neuron Energy has raised INR 810 million to date.

The funding will be used to expand Neuron Energy’s manufacturing capacity to 3 GWh and to establish a fully automated, large-scale battery facility for electric four-wheelers and buses at Chakan, Pune. The capital will also strengthen the company’s R&D capabilities, accelerate domestic growth, and broaden its footprint in international markets.

Pratik Kamdar, CEO and Co-Founder, Neuron Energy, said, “This Pre-Series B round is a defining step in our mission to industrialise world-class battery manufacturing in India. As EV adoption accelerates, we are focused on building capacity, embedding automation, and pushing the boundaries of performance and reliability. This investment ensures we can deliver at scale, both in India and globally.”

The company said it operates with a low-CapEx and low-OpEx business model. It has been growing profitably year-on-year and is on track to achieve INR 2 billion in revenue this year. The company is also confident of achieving sales of over INR 9 billion, with profitability, over the next few years.

Rajesh Sehgal of Equanimity Ventures, added, "We see immense potential in Neuron Energy’s approach to EV battery innovation and scalability. Their focus on quality, automation, and energy efficiency aligns with the evolving demands of the EV industry in India and beyond. We are proud to support their next phase of growth as they scale into new vehicle categories and manufacturing capacities."

The new facility reinforces the company’s position in two-wheeler EV batteries and signals a strategic entry into heavier vehicle segments. This supports Neuron’s vision to become a comprehensive EV battery solutions provider.

Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, said, "Neuron Energy demonstrates remarkable potential to become the market leader, with their renewed focus, in delivering top-quality products. The company and its founders are highly committed to delivering rigorously tested and safe-to-use Li-Ion smart batteries. We are confident that they will continue to thrive and set new standards in the industry."

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