Euler Motors secures $20 mn in debt funding from responsAbility Investments

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Euler Motors secures $20 mn in debt funding from responsAbility Investments - Business Standard

Quick Summary:

The USD 20 million in debt funding from responsAbility Investments will help accelerate Euler Motors' mission to electrify India's commercial vehicle segment, supporting the growth of the recently-launched four-wheeler Storm EV for logistics and e-commerce clients, it said.

The fresh capital infusion comes close on the heels of the company closing its Series C funding round, raising an additional Rs 200 crore from investors including British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund, Euler Motors said in a statement.

Commercial electric vehicle maker Euler Motors on Wednesday said it has secured up to USD 20 million in debt from responsAbility Investments AG to ramp up production and distribution networks as well enhance research and development capabilities.