Commercial electric vehicle manufacturer Euler Motors on Wednesday said it has received a loan of up to USD 20 million from responsAbility Investments AG to consolidate production and distribution networks and to improve research and development capabilities.
The infusion of fresh capital comes after the company closed its Series C funding round, raising an additional Rs 200 crore from investors including British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund, Euler Motors said in a statement.
USD 20 million in debt financing from ResponsAbility Investments will help accelerate Euler Motors’ goal of electrifying part of India’s commercial vehicles, supporting the growth of the recently launched Storm EV four-wheeler for transportation and e-commerce customers, it said.
“This new funding will encourage us to move forward, expand our reach, and continue to deliver sustainable, efficient solutions that meet India’s unique needs,” said Saurav Kumar, Founder and CEO, Euler Motors.
The company also said it plans to channel new funding into developing the technology for next-generation commercial EVs, improving vehicle efficiency and strengthening its sales and service network.
“With a focus on innovation and sustainable mobility, Euler Motors is well positioned to drive meaningful progress in the EV space, particularly in the commercial and planning sectors,” said Sameer Tirkar, Head of Climate Infrastructure Investments, APAC, in a statement.
