Euler Motors secures $20 million in debt funding for expansion
electric vehicle maker Euler Motors on Wednesday said it has secured up to USD 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.
Budget with ET
India’s growing trade imbalance with China: Can Budget 2025 provide a solution?
Will Chandrababu Naidu-ruled Andhra Pradesh continue to be Modi govt's focus point?
Tax cuts, tariff, growth strategies top Indian industry's Budget wish list
The USD 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
