Electric Vehicle Maker Euler Motors Secures USD 20 Mn to Transform Logistics Sector The funding supports Euler Motors' mission to electrify India's commercial vehicle sector by scaling production, advancing next-gen EV R&D, and boosting growth of the Storm EV for logistics and e-commerce.
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Electric commercial vehicle manufacturer Euler Motors has raised USD 20 million in debt funding from responsAbility Investments AG, a global leader in impact asset management specialising in private market investments.
This funding will bolster Euler Motors' mission to electrify India's commercial vehicle segment by scaling production and advancing R&D for next-generation EV technology. The funds will also support the growth of Storm EV, the company's flagship four-wheeler designed for logistics and e-commerce applications.
In May 2024, Euler Motors completed its Series C funding round, securing INR 200 crore from investors such as British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund. The company has rapidly established itself as a key player in India's EV sector, catering to e-commerce and third-party logistics (3PL) businesses with innovative, road-ready solutions.
Saurav Kumar, Founder and CEO of 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. This new funding will help us scale further, expand our reach, and deliver sustainable, high-performance solutions tailored to India's logistics needs."
Sameer Tirkar, Head of Climate Infrastructure Investments, APAC, at responsAbility, said, "With their focus on innovation and sustainable mobility, Euler Motors is well-positioned to drive meaningful progress in the EV space, especially in commercial and logistics sectors."
Jay Bathija, Senior Investment Officer at responsAbility, added, "This partnership aligns with our strategic vision of supporting companies championing climate action in India's commercial vehicle sector. Together, we aim to accelerate the shift toward a more sustainable future."
Founded in 2018, Euler Motors specialises in designing EVs tailored to India's unique conditions, ensuring reliability and performance. Its popular models, the HiLoad EV and Storm EV, have gained traction across Tier I and Tier II cities.
With this new funding, Euler Motors plans to enhance vehicle efficiency, invest in next-gen technology, and expand its after-sales service network, further driving the mass adoption of EVs in India.
