India, May 19 -- Electric commercial vehicle manufacturer Euler Motors has secured INR 638 Cr (around $75 Mn) as a part of its Series D funding round led by Hero MotoCorp, along with participation from existing investor British International Investment.

The Delhi-based startup's founder Saurav Kumar told Inc42 that the fresh capital will be deployed for product development and also expand its distribution network to 80 cities.

He added that the company aims to double its revenue by the end of the current fiscal year.

The development comes almost a month after Hero MotoCorp informed the exchanges that it is planning to pick up nearly 32.5% in Euler Motors for INR 525 Cr.

Earlier this year, the startup also raised $20 Mn in debt from re...