Euler Motors, a leading manufacturer of electric commercial vehicles in India, has successfully secured up to USD 20 million in debt funding from responsAbility Investments AG, an impact asset manager specializing in private market investments. This funding will be used to scale production and drive advanced research and development for next-generation electric vehicle (EV) technology.
The investment is expected to support the growth of Euler Motors’ newly launched Storm EV, the company’s flagship four-wheeler designed specifically for logistics and e-commerce clients. The company aims to further its mission of electrifying India’s commercial vehicle segment, which includes expanding its footprint in tier 1 and tier 2 cities.
Saurav Kumar, Founder and CEO of Euler Motors, expressed his enthusiasm, saying, “We are happy to have responsibility join us on our journey to reshape commercial transportation in India. Their support aligns perfectly with our vision of building India’s No. 1 electric commercial vehicle brand. This new funding will allow us to scale further, expand our reach, and continue delivering sustainable, high-performance solutions that meet India’s unique logistics needs.”
Sameer Tirkar, Head of Climate Infrastructure Investments, APAC, at responsAbility, commented on the partnership, stating, “We are pleased to support Euler Motors in this critical stage of its growth. 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.”
The funding comes shortly after Euler Motors closed its Series C funding round, raising ₹200 crore from investors, including British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund. The company plans to use the newly raised capital to further enhance vehicle efficiency, develop next-generation technology for commercial EVs, and strengthen its after-sales and service network to support wider EV adoption across the country.
