Euler Motors secures $20 mn in debt funding from responsAbility Investments

Commercial electric vehicle maker Euler Motors on Wednesday said it has secured up to $20 million in debt from responsAbility Investments AG to ramp up production and distribution networks as well enhance research and development capabilities.

The fresh capital infusion comes close on the heels of the company closing 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.

The $20 million in debt funding from responsAbility Investments will help accelerate Euler Motors' mission to electrify India's commercial vehicle segment, supporting the growth of the recently-launched four-wheeler Storm EV for logistics and e-commerce clients, it said.

"This new funding will boost us to scale further, expand our reach, and continue delivering sustainable, high-performance solutions that meet India's unique logistics needs," said Saurav Kumar, Founder & CEO, Euler Motors.

The company also said it plans to channel the new funding toward developing next-generation technology for commercial EVs, enhancing vehicle efficiency and strengthening its after-sales and service network.

"With their focus on innovation and sustainable mobility, Euler Motors is well-positioned to drive meaningful progress in the EV space, particularly in the commercial and logistics sectors," said Sameer Tirkar, Head of Climate Infrastructure Investments, APAC, at responsAbility.