Euler Motors has raised up to USD 20 million in debt funding from responsAbility Investments, an impact asset manager specializing in private market investments.The electric commercial vehicle manufacturer will use the funds for developing next-gen technology for commercial EVs, enhancing vehicle efficiency, and strengthening its after-sales and service network to support wider EV adoption across India.
"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 and CEO, Euler Motors.
Euler Motors recently closed a USD 200 crore Series C funding, from British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund.
Sameer Tirkar, Head of Climate Infrastructure Investments, APAC at responsAbility, noted that Euler Motors was well positioned to drive progress in the EV space, especially in the commercial and logistics sectors.
Last year, it forayed into the electric 4W SCV segment, with the launch of the StormEV at Rs 8.9 lakh. The company launched its first product HiLoad EV - an electric three-wheeler commercial vehicle in 2021. As per the company's estimate, the small commercial vehicle segment in India is estimated to reach a market value of Rs 34,900 crore by FY2027, with internal combustion engine (ICE) vehicles currently dominating the market.