British International Investment

Euler Motors Private Limited

South AsiaManufacturing

Euler Motors is an automotive manufacturer focused on electric commercial vehicles that are designed for India and built in India. The company’s innovative and affordable vehicles will accelerate the mass adoption of electric vehicles by providing a better and cheaper option to internal combustion engine alternatives.

Our investment

Description of the investment.

In India, the three-wheeler electric cargo market presents a total addressable market of around $1 billion. Sales are expected to grow by an average of 40 per cent annually from 2023-2030. Additionally, electric vehicles are expected to make up 85 per cent of the three-wheeler market by 2030 (up from 25 per cent in 2023) .

Euler Motors has built a leadership position in the Indian electric vehicle cargo market, having designed, developed and commercialised a high specification product that delivers markedly lower cost of ownership. It is disrupting the market by offering this better quality product, enabling competition with internal combustion engine alternatives and incumbent commercial electric vehicle players. It currently has presence in 14 cities and has gained an average market share of 25 per cent within a few months of operation.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.


  • Enable emissions reduction by transitioning three-wheeler commercial cargo vehicles in India to electric vehicles (SDG 13).


Primary Secondary

Expand capacity to deliver three-wheeler commercial vehicles in India that are able to compete with internal combustion engine vehicles. Considering the commercial electric vehicle market is at a very early stage in India, we expect Euler to create a demonstration effect by disrupting the market through a higher quality product.

Our capital will help Euler expand company operations, generating more jobs.


Stakeholder Geography Characteristics


India's transport sector is highly reliant on two and three-wheeler vehicles. These vehicles are mostly powered by fossil fuels and contribute about 20 per cent (54.8 million tonnes) of India's annual CO2 emissions from transport.



31 per cent of Euler’s employees (FTEs) are living below $6.85 per day [2017 PPP]. About 20 per cent of the total workforce identify as female.

How much?

Scale Depth/Duration

We expect to avoid an average of 5.26 tonnes of carbon dioxide equivalent per year, per vehicle. Through our investment, Euler plans to double its workforce and employ around 2,000 employees (FTEs) within five years.

Duration: Impact is likely to last until the lifecycle of each vehicle which is expected to be 10 years.


  • Financial additionality: Capital is not offered in sufficient quantity.


Execution Risk

Impact is interlinked with commercial success.

Efficiency Risk

The company is competing with incumbents who are likely to have larger resources to outlast competition.

Impact score

Impact score (at point of investment)

The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. You can find out more here.

The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party.


Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

We agreed an ESAP with the company which included developing an ESMS, appointing additional environmental and social capacity (ESG Officer), documenting supply chain risks, and enhancing mitigation measures associated with labour, safeguarding and health and safety.

Environmental and social risk


Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    First published

    When the investment was first published on the website database.

    March 2024
    Last updated

    When the last quarterly update of the website database occurred.

    June 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    South Asia

    The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.


    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.


    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    October 2023
    Amount :
    Currency of investment :

    The company or investment fund’s place of incorporation.

    Climate finance

    Indicates whether the investment is climate finance qualified or partially climate finance qualified and the type of climate finance (adaptation, mitigation or both). We define climate finance using the multilateral development bank (MDB) and the International Development Finance Club (IDFC) Common Principles climate finance methodology. See Common Principles for Climate Mitigation Finance Tracking and Common Principles for Climate Change Adaptation Finance Tracking. We provide the climate finance qualification and type for commitments from 2020 onwards, which is when we launched our Climate Change Strategy.

    Fully qualified
    Climate finance type:

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