Euler Motors has established itself in the commercial EV market with its HiLoad EV and Storm EV models. Euler Motors secured USD 20 million in debt funding from responsAbility Investments AG to scale production of its electric commercial vehicles, particularly the Storm EV, and invest in next-generation EV technology. This investment will support Euler Motors' expansion and strengthen its position in India's electric commercial vehicle market. The funding round highlights the growing interest in sustainable transportation solutions and Euler Motors' success in attracting investment from impact-focused firms.
Euler Motors, an Indian electric commercial vehicle manufacturer, has received USD 20 million in debt funding from responsAbility Investments AG, a Swiss impact asset manager. This investment will primarily be used to scale production of Euler Motors’ electric commercial vehicles and further develop its technology. The funding will also support the growth of the recently launched Storm EV, a four-wheeler designed for logistics and e-commerce operations.
“We are happy to have responsAbility join us on our journey to reshape commercial transportation in India, advancing the shift from ICE to electric. Their support aligns perfectly with our vision of building India's No. 1 electric commercial vehicle brand. Over the years, we’ve earned the trust of both new and existing investors, reflecting their confidence in our mission and the growing demand from our customers, evidenced by our strong growth. 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 & CEO of Euler Motors.
This investment marks another step in responsAbility's commitment to impact investing within India and Southeast Asia. The firm specialises in private market investments targeting positive social and environmental change. This funding round signifies their belief in Euler Motors’ potential to contribute to a more sustainable transportation sector in India.
“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. This partnership represents an impactful step toward a cleaner, more efficient future for India’s mobility landscape,” stated Sameer Tirkar, Head of Climate Infrastructure Investments, APAC, at responsAbility.
“We are excited to announce our investment in Euler Motors, a company driving innovation in sustainable transportation. This partnership underscores our commitment to advancing sustainable mobility and aligns with our strategic vision of supporting forward-thinking companies that champion climate action in India's commercial vehicle sector. Together, we are working to accelerate the shift toward a more sustainable future,” said Jay Bathija, Senior Investment Officer at responsAbility, highlighted the alignment between the two companies’ goals of promoting sustainable transportation.
Product portfolio
Euler Motors has established itself in the commercial EV market with its HiLoad EV and Storm EV models. The company operates in several tier 1 and tier 2 cities across India. The new funding will enable Euler Motors to further develop its next-generation commercial EV technology, enhance vehicle efficiency, and expand its after-sales service network. The company aims to facilitate wider adoption of electric vehicles across India.
Funding round
Euler Motors recently completed its Series C funding round, securing an additional INR 200 crore (approximately USD 24 million) from investors including British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund. This latest debt funding from responsAbility complements the Series C round and further strengthens Euler Motors’ financial position for continued growth.
This combined funding allows Euler Motors to strategically invest in research and development, expand its production capacity, and solidify its market presence in the rapidly evolving Indian electric commercial vehicle landscape.
