Euler Motors secures $20M in debt funding for expansion
The fresh capital infusion comes close on the heels of Euler Motors closing its Series C funding round, raising an additional Rs 200 crore from investors.
Commercial electric vehicle (EV) maker Euler Motors on Wednesday said it secured up to $20 million in debt from responsAbility Investments AG to ramp up production and distribution networks and 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 ecommerce 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 and CEO of 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.
Edited by Suman Singh