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Saurav Kumar, Founder & CEO of Euler Motors
Electric commercial vehicles maker Euler Motors has raised around $20 million in debt funding from responsAbility Investments AG, a Zurich-based impact asset manager specializing in private market investments.
In May 2024, the company closed 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' market presence
Founded in 2018, Euler Motors is an automotive OEM focused on electric commercial vehicles. The company is developing and deploying innovative technology solutions to democratize a swift EV transition, building EVs that are designed for India, from India.
It has established a strong presence in the commercial EV sector with its flagship models, the HiLoad EV and Storm EV.
Purpose of fundraising
The investment will help accelerate Euler Motors’ mission to electrify India’s commercial vehicle segment, enabling production scaling and advanced R&D for next-generation EV technology.
It will also support the growth of the recently launched Storm EV, Euler Motors’ flagship four-wheeler designed for logistics and e-commerce clients, the release notes.
With a growing footprint across tier 1 and tier 2 cities, the company plans to channel the new funding toward developing next-gen technology for commercial EVs, enhancing vehicle efficiency, and strengthening its after-sales and service network to support wider EV adoption across India.
"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," said Saurav Kumar, Founder & CEO of Euler Motors.