Euler Motors Aims for EV Expansion with Fresh Funding Boost

Electric commercial vehicle manufacturer Euler Motors has raised up to USD 20 million in debt funding from responsAbility Investments, a global impact asset manager focused on private market investments. The company plans to utilise the funds to advance next-generation technology for commercial EVs, improve vehicle efficiency, and bolster its after-sales and service network, supporting wider adoption of electric vehicles across India.

"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.

The fresh funding follows Euler Motors' recent Series C round, where it secured INR 200 crore (approximately USD 24 million) from British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund.

Sameer Tirkar, Head of Climate Infrastructure Investments, APAC at responsAbility, highlighted the company's potential in driving progress in the electric vehicle space, particularly in the commercial and logistics sectors.

Last year, Euler Motors ventured into the electric four-wheeler small commercial vehicle (SCV) segment with the launch of the StormEV at INR 8.9 lakh. The company's first product, the HiLoad EV, an electric three-wheeler commercial vehicle, was introduced in 2021.

According to Euler Motors, the small commercial vehicle segment in India is expected to grow to INR 34,900 crore (USD 4.2 billion) by FY2027. Although internal combustion engine (ICE) vehicles currently dominate the market, the transition to electric alternatives is gaining momentum.

This funding positions Euler Motors as a key player in India's burgeoning EV market, enabling the company to deliver innovative solutions for sustainable logistics.