Euler Motors, a leading electric commercial vehicle manufacturer, has secured debt funding of up to US$20 million from ResponsAbility Investments AG, a top impact asset manager specializing in private markets investments. The funding will boost Euler Motors’ efforts to electrify India’s commercial vehicle sector, expand production and facilitate advanced research and development for next-generation EV technology. It will also support the growth of the recently launched Storm EV, Euler Motors’ flagship four-wheeler, which is specifically designed for logistics and e-commerce customers.
Saurav Kumar, Founder and CEO, Euler Motors, said, “We are delighted to have ResponsAbility join us in our journey to reshape commercial transportation in India by driving the transition 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 have earned the trust of both new and existing investors, reflecting their confidence in our mission and the growing demand from our customers, as evidenced by our strong growth. This new funding will encourage us to grow further, expand our reach and provide sustainable, high-performance solutions that meet India’s unique logistics needs.
ResponsibilityAbility’s commitment to impact investment partnerships in India and Southeast Asia:
Samir Tirkar, Head of Climate Infrastructure Investments, APAC at ResponsAbility, said, “We are delighted to support Euler Motors at this important stage of its development. With its focus on innovation and sustainable mobility, Euler Motors is well-positioned to make meaningful progress in the EV sector, particularly in the commercial and logistics sectors. This partnership represents an impressive step towards 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 underlines our commitment to advancing sustainable mobility and is in line with our strategic vision of supporting visionary companies driving climate action in India’s commercial vehicle sector. Together, we are working to accelerate the transition towards a more sustainable future.
Euler Motors has established a strong presence in the commercial EV sector with its flagship models, the HiLoad EV and the Storm EV. With a growing presence in Tier 1 and Tier 2 cities, Euler Motors aims to develop next generation technology for commercial EVs, enhance vehicle efficiency and strengthen its sales and service network to support widespread EV adoption across India. New funding has been planned for this. ,
Euler Motors recently closed its Series C funding round by raising an additional ₹200 crore from investors including British International Investments, Bloom Ventures and Piramal Alternatives India Access Fund.
