Hero MotoCorp completes ₹210 cr investment in Euler Motors via Series E CCPS

M&A / JV 1 Apr 2026· ₹210 cr · Completed· ✓ Verified

Hero MotoCorp, the Indian two-wheeler and three-wheeler OEM, acquired a Series E CCPS round in Euler Motors, its electric-vehicle technology associate, at a valuation point consistent with prior rounds. The ₹210 crore tranche brings Hero's fully diluted ownership to 36.67%, positioning it as a material minority holder with conversion rights. The parent Board had approved up to ₹275 crore in combined primary (new share issuance) and secondary (existing shareholder buys) form on 5 February 2026; this April 2026 completion of the ₹210 crore leg suggests selective tranching and negotiation of conversion terms. Euler Motors, founded 2018, is a electric commercial vehicle and battery technology…

Why it mattersCCPS structures with compulsory conversion mechanics are common in growth-stage startup rounds; this deal illustrates how listed acquirers can scale associate holdings through staged preference share tranches while preserving governance control and downside protection-a structuring choice material under the Ind AS consolidated reporting regime and relevant to arm's-length pricing under transfer pricing rules.
Counsel—
SectorTechnology
Value₹210 cr
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