January 15th, 2025
Euler Motors, a frontrunner in India’s commercial electric vehicle (EV) industry, has raised $20 million in debt funding from responsAbility Investments AG. This strategic funding marks another milestone for Euler Motors, following its recent ₹200 crore Series C funding round, as the company accelerates its efforts to revolutionize clean mobility for logistics and e-commerce sectors.
Details
Funding Details
- Source: responsAbility Investments AG, a global impact investment firm.
- Purpose: To expand production, enhance distribution, and advance R&D capabilities.
Focus on Product Innovation
- Storm EV: Euler’s flagship four-wheeler commercial EV is designed to meet the operational demands of logistics and e-commerce clients.
- Technological Enhancements: Funds will support the development of next-generation EV technology aimed at improving efficiency and sustainability.
Previous Funding Milestone
Euler Motors raised ₹200 crore in Series C funding, backed by British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund, showcasing strong investor confidence.
Strategic Goals
Euler Motors plans to channel the new funding into several key areas to strengthen its position in the market:
1. Scaling Production and Distribution
- Boosting Capacity: The funds will enable Euler to expand its manufacturing capabilities to meet surging demand.
- Expanding Networks: Distribution channels will be scaled up to enhance the availability of Storm EVs across India.
2. Driving Technological Advancements
- Next-Gen EVs: Investment in R&D will focus on improving vehicle performance, battery technology, and energy efficiency.
3. Enhancing After-Sales Services
- Service Infrastructure: The company will strengthen its service network to ensure a seamless ownership experience, fostering trust and reliability among its customers.
Statement from the CEO
Saurav Kumar, Founder & CEO of Euler Motors, emphasized the importance of this funding in achieving the company’s long-term vision:
“This new funding will empower us to scale operations, broaden our reach, and deliver sustainable, high-performance EV solutions tailored to India’s logistics needs.”
Meeting Sustainability Goals
As India accelerates its push toward clean mobility, Euler Motors’ initiatives align with national and global sustainability objectives. By providing energy-efficient, emission-free vehicles for logistics and e-commerce, Euler is addressing key pain points in the commercial sector.
Driving Electrification in Logistics
With logistics and e-commerce sectors rapidly adopting electrification, Euler Motors is well-positioned to lead the transition, offering reliable and cost-effective EV solutions.
