Euler Motors Cuts FY25 Losses by 12% to INR 200 Cr Amid Revenue Surge

Delhi-based electric vehicle (EV) manufacturer Euler Motors reported a narrower loss in FY25, driven by strong sales and steady revenue growth. The company’s net loss fell nearly 12% year-on-year to INR 200.2 crore, compared to INR 227 crore in FY24, marking a significant improvement in its financial performance.

The company’s operating revenue rose 12% to INR 191.3 crore in FY25, up from INR 170.8 crore in the previous fiscal. When combined with other income of INR 14.7 crore, Euler’s total revenue touched INR 206 crore for the year, reflecting an 18% increase over FY24’s INR 175.1 crore.

Vehicle sales continued to be the backbone of Euler’s business, contributing around 90% of total operating revenue. The segment brought in INR 173.1 crore during FY25, a 22% jump from INR 142 crore recorded last year. Despite this, the company’s subsidy income declined sharply by 66%, dropping to INR 8.7 crore from INR 25.3 crore in FY24, due to reduced central government incentives on EV sales.

Founded in 2018 by Saurav Kumar, Euler Motors specializes in manufacturing electric three-wheelers (E3W) and four-wheelers (E4W) tailored for India’s logistics sector. Its product lineup includes the HiLoad EV in the E3W range, and models such as Turbo EV 1000, Storm EV LongRange 200, and Storm EV T1500 under the E4W category.

The startup has raised more than $224 million in funding since inception, with nearly $95 million secured this year through a mix of equity and debt. In January 2025, Euler received $20 million in debt financing from responsAbility Investments AG. Later, in April, the company closed its Series D round of INR 638 crore led by Hero MotoCorp, with participation from British International Investment. These funds are being directed toward scaling up production capacity, strengthening R&D, and expanding the company’s distribution network to 80 cities across India.

On the cost front, total expenses remained nearly unchanged, inching up just 3% to INR 404.1 crore in FY25. The cost of materials consumed stood at INR 199.9 crore, up marginally from INR 198.2 crore. However, employee benefit expenses saw a sharp 46% surge to INR 74.4 crore, while security and manpower costs climbed 54% to INR 24.4 crore, highlighting the company’s growing operational scale.

Euler Motors’ focus on sustained growth, efficiency, and network expansion positions it strongly in India’s rapidly evolving EV market, even as it continues to work toward profitability.