January 16, 2025: HiLoad EV Cargo Vehicle manufacturer Euler Motors has secured up to $20 million to scale production capacities and expand its distribution networks. The firm also aims to intensify its investments in upgrading its research and development capabilities.
The fresh infusion of capital will fast track Eulers’ goal to electrify India’s commercial vehicle segment, and accelerate the adoption of its recently launched four-wheeler Storm EV for logistics and ecommerce clients.
“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.
Euler Motors to Focus on Next Gen Hi Load EV Vehicles Adoption
The EV firm revealed it aims to channel the new funding toward developing next-generation technology for commercial EVs, enhancing vehicle efficiency, and strengthening its after-sales and service network.
Sameer Tirkar, Head of Climate Infrastructure Investments, APAC, at responsAbility said “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 was raised in debt from responsAbility Investments AG.
In a statement the company stated, the fresh capital infusion follows the closing Euler Series C funding round, raising an additional capital of Rs 200 crore from investors, including British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund, Euler Motors.
