responsAbility Injects $20 Million in EV Manufacturer Euler Motors
The investment is part of a $500 million fund to cut carbon emissions in Asia
January 16, 2025
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responsAbility, a Switzerland-based impact asset manager, has announced an investment of up to $20 million (₹1.7 billion) in New Delhi-based electric commercial vehicles manufacturer Euler Motors.
The funding is part of responsAbility’s $500 million (₹42.5 billion) climate investment strategy to reduce CO2 emissions in Asia by supporting e-mobility solutions.
Euler Motors aims to utilize the funding to scale production and expand its market presence in Tier 1 and 2 cities.
The company manufactures electric three and four-wheel commercial vehicles to transport urban goods.
Euler said 7,000 of its flagship HiLoad models operate in 15 Indian cities, aiming to save over 20,000 tons of CO2 emissions. The company plans to operate in over 40 cities in 2025.
Last May, Euler secured ₹2 billion (~$24.39 million) in its Series C funding, bringing the total funding raised to ₹5.7 million (~$67,058). The round was led by internal investors such as British International Investment, Blume Venture, and new investor Piramal Alternatives India Access Fund.
In 2023, Euler raised ₹1.2 billion (~$14.41 million) in an series-C extension round.
Recently, responsAbility participated in clean energy solutions company Ecozen’s ₹23 million debt funding round.
In May 2024, responsAbility invested up to $35 million in independent power producer AMPIN Energy Transition to help the company expand its clean energy projects across India.
responsAbility’s climate investment strategy focuses on sectors with significant CO2 reduction potential, including renewable energy, battery storage and e-mobility, energy efficiency, and the circular economy. The strategy aims to achieve total CO2 savings of approximately 16 million tons over the lifetime of its assets.
Electric vehicle (EV) sales in India reached a record 1.95 million units in 2024, an over 27% growth year over year compared to the 1.53 million units sold in 2023. The EV market consistently surpassed the 100,000-unit mark every month, with October registering the highest sales at 219,527 units.
