EV Startup Euler Motors Secures $20Mn In Debt Funding

Commercial electric vehicle (EV) maker Euler Motors has raised $20 million in debt from responsAbility Investments AG to increase production, expand its distribution networks and improve research and development.

The startup plans to use the funds to speed up Euler Motors' goal of electrifying India's commercial vehicle sector, helping the growth of its newly launched four-wheeler Storm EV for logistics and e-commerce clients.

The company also said it plans to use the new funding to develop next-generation technology for commercial EVs, improve vehicle efficiency, and strengthen its after-sales and service network.

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"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 and CEO of Euler Motors.

"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," said Sameer Tirkar, Head of Climate Infrastructure Investments, APAC, at responsAbility.

In May 2024, Euler Motors raised Rs 200 crore in a Series C funding round from investors like British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund.

About Euler Motors 

The New Delhi-based Euler Motors was founded in 2018 by  Saurav Kumar, It is a manufacturer of electric vehicles and aims to boost EV adoption in India and support the country’s efforts in improving transportation.

The company serves the logistics, commercial mobility and e-commerce sectors with its electric mini trucks for both heavy and light loads. It also offers over 500 charging hubs in Delhi NCR, Hyderabad and Bengaluru, along with home charging for a convenient plug-and-play experience.

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