Euler Motors has successfully raised USD 20 million in debt funding from responsAbility Investments AG. As a leading impact asset manager focusing on private market investments, responsAbility’s contribution is set to significantly boost Euler Motor’s efforts to electrify India’s commercial vehicle market.
This fresh influx of capital will facilitate production scaling and enhance research and development initiatives for next-generation electric vehicle (EV) technologies at Euler Motors. Furthermore, it is expected to support the growth of the company’s recently launched four-wheeler, the Storm EV, specifically designed to cater to logistics and e-commerce clients.
Saurav Kumar, Founder & CEO, Euler Motors said, “We are happy to have responsAbility join us on our journey to reshape commercial transportation in India, advancing the shift from ICE to electric. Their support aligns perfectly with our vision of building India’s No. 1 electric commercial vehicle brand. Over the years, we’ve earned the trust of both new and existing investors, reflecting their confidence in our mission and the growing demand from our customers, evidenced by our strong growth. 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.”
Sameer Tirkar, Head of Climate Infrastructure Investments, APAC, at responsAbility, said, “We are pleased to support Euler Motors in this critical stage of its growth. 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. This partnership represents an impactful step toward a cleaner, more efficient future for India’s mobility landscape.”
Jay Bathija, Senior Investment Officer, at responsAbility, said: We are excited to announce our investment in Euler Motors, a company driving innovation in sustainable transportation. This partnership underscores our commitment to advancing sustainable mobility and aligns with our strategic vision of supporting forward-thinking companies that champion climate action in India’s commercial vehicle sector. Together, we are working to accelerate the shift toward a more sustainable future.
With established models like the HiLoad EV and Storm EV, Euler Motors has made a solid mark in the commercial EV sector. The company is expanding its presence across India’s tier 1 and tier 2 cities. The newly acquired funding will be directed towards developing advanced technology for commercial EVs, improving vehicle efficiency, and strengthening the after-sales service network, all aimed at encouraging the widespread adoption of electric vehicles nationwide.
In addition to this debt funding, Euler Motors recently concluded its Series C funding round, successfully raising ₹200 crore from a group of investors, including British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund. This flurry of investment underscores the growing interest and confidence in the electric mobility landscape in India.