Euler Motors Secures USD 20 Million in Debt Funding

Key Highlights:

• Euler Motors secured up to USD 20 million in debt funding from responsAbility Investments.
• The funds will be used for advancing next-gen EV technology and improving vehicle efficiency.
• The company plans to strengthen its after-sales and service network to support wider EV adoption in India.
• Euler Motors recently closed a USD 200 crore Series C funding round.
• The company aims to capture a significant share of India's small commercial vehicle market, expected to reach Rs 34,900 crore by 2027.

Euler Motors, an electric commercial vehicle manufacturer, has raised up to USD 20 million in debt funding from responsAbility Investments. The investment firm specializes in private market investments and aims to support impactful ventures.

Purpose of the Funding

The funds will be used to develop next-generation technology for commercial electric vehicles (EVs), improve vehicle efficiency, and enhance the after-sales and service network. The goal is to support the growing adoption of EVs across India.

CEO's Statement

Saurav Kumar, Founder and CEO of Euler Motors, shared that the new funding will help the company scale operations, expand its reach, and continue delivering sustainable, high-performance solutions tailored to India's logistics needs.

Previous Funding and Market Growth

Euler Motors recently closed a USD 200 crore Series C funding round with contributions from British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund. The company is targeting significant growth in India's commercial and logistics sectors.

Company's Progress in the EV Market

Euler Motors entered the electric four-wheeler small commercial vehicle (SCV) market last year with the launch of the StormEV at Rs 8.9 lakh. In 2021, the company introduced its first product, the HiLoad EV, an electric three-wheeler commercial vehicle. 

According to the company, the small commercial vehicle market in India is expected to reach Rs 34,900 crore by FY2027, with internal combustion engine vehicles still dominating the market.

About Euler Motors

Euler Motors is working to accelerate the adoption of electric vehicles in India with powerful EVs designed specifically for the country. Their key products include the StormEV LongRange200, which offers an extended range for commercial use, the StormEV T1250, built for high efficiency, and the HiLoad EV, a small electric vehicle ideal for businesses. 

The company is also focused on enhancing its servicing, charging infrastructure, and software to make owning an electric vehicle in India a smooth and convenient experience.

Also Read: Greaves Cotton to Showcase Sustainable Mobility Solutions at Bharat Mobility Global Expo 2025

CMV360 Says

Euler Motors is taking strong steps in the EV space. With this new funding, they can expand faster and enhance their technology. Their focus on commercial vehicles is key to reaching a larger market in India. This move will help push electric vehicles into mainstream logistics, benefiting both businesses and the environment.