Euler Motors, a manufacturer of commercial electric vehicles (EVs), announced on Wednesday that it has secured up to $20 million in debt financing from responsAbility Investments AG. This funding will be utilized to enhance production, expand distribution networks, and advance research and development capabilities.
This recent financial boost follows the company’s successful conclusion of its Series C funding round, during which it raised an additional ₹200 crore from a range of investors, including British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund, as stated by Euler Motors.
The $20 million in debt funding will expedite Euler Motors’ objective to electrify the commercial vehicle sector in India. It will specifically support the recently introduced four-wheeler Storm EV, aimed at logistics and ecommerce clients.
Saurav Kumar, Founder and CEO of Euler Motors, highlighted that the additional funding would enable the company to scale operations further, broaden its market reach, and continue delivering sustainable, high-performance solutions tailored to India’s distinct logistics requirements.
The firm also indicated plans to allocate the new funding towards developing next-generation technology for commercial EVs, improving vehicle efficiency, and enhancing its after-sales and service network.
Sameer Tirkar, Head of Climate Infrastructure Investments, APAC at responsAbility, remarked that with a commitment to innovation and sustainable transportation, Euler Motors is well-positioned to lead significant advancements in the EV market, especially within the commercial and logistics sectors.
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