Euler Motors, a leading manufacturer of electric commercial vehicles, has raised around USD 20 million in debt funding from responsAbility Investments, a leading impact asset manager specialising in private market investments.

The funds will be used towards the company’s recently launched Storm EV the e-LCV from Euler Motors, expand production and further advance R&D among others.

Saurav Kumar, Founder & CEO, Euler Motors, said, “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.”

Sameer Tirkar, Head of Climate Infrastructure Investments, APAC, responsAbility, said, “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.”

Jay Bathija, Senior Investment Officer, responsAbility, added, “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.”

At present, Euler Motors sells the HiLoad EV & Storm EV and is expanding its presence across tier 1 and tier 2 cities.

Euler Motors closed its Series C funding round just recently, raising an additional INR 2 billion from investors, including British International Investment, Blume Ventures and Piramal Alternatives India Access Fund.

Montra Electric’s e-SCV Division, Tivolt Electric Vehicles has inked a strategic collaboration with Steam-A. The understanding will see the OEM integrate Steam-A’s Iris EV charging management suite into Powerdock its EV charging network.

This will enable a seamless and reliable charging operation for Montra Electric, where it will leverage advanced software to get real-time operational insight, AI-driven predictive maintenance and seamless EV roaming capabilities. Steam-A will bring to the table AI-enabled predictive failure management system, which will maximise charger uptime and network availability.

A standout feature of Iris is its industry-first AI-enabled predictive failure management system, seamlessly integrated with a comprehensive asset and workflow management suite. This innovation significantly reduces operational costs while maximizing charger uptime and network availability. Additionally, the platform delivers deep analytical insights into network performance, facilitating continuous service enhancements and business growth.

Saju Nair, Chief Executive Officer, Tivolt Electric Vehicles, said, “We are excited to join hands with Steam-A. Our vision at Montra Electric is to drive electrification in commercial logistics and empower customers to transition to electric mobility with confidence. By integrating Steam-A’s Iris platform into our Powerdock network, we are strengthening our commitment to innovation and customer-first solutions. This collaboration will drive greater EV adoption while delivering a seamless and effortless experience for our customers.”

Vishwanath Surendiran, Co-Founder, Steam-A, said, “We are thrilled to partner with Montra Electric on their journey of making mobility more sustainable. Earning the trust of such a longstanding organization fills us with pride and a heightened sense of responsibility. We will go all out to deliver industry-leading standards of reliability and customer experience.”

Bengaluru-based electric two-wheeler manufacturer has issued a statement disputing reports about its February 2025 sales data seeing a massive decline. It claims that the mismatch between the company’s wholesale and retail sales data is due to the ongoing negotiations between the EV maker and its vendors responsible for vehicle registrations.

For context, Ola Electric shared that in February 2025 it sold over 25,000 electric two-wheelers, garnering a market share of 28 percent. But on the other hand, as per Vahan data, the company’s retail sales came at just 8,652 units, a mismatch of 16,348 units.

This the company stated was due to backlog created due to vendors responsible for vehicle registrations, which was ‘being rapidly cleared’. Ola Electric stated that its daily registrations have exceeded 50 percent of its average sales in the last three months. As of date, it said that it has managed to clear 40 percent of the February backlog and expects to fully clear the same by end-March 2025.

The issue was further intensified as Rosmerta Digital Services, a key vendor responsible for Ola Electric’s registration, filed an insolvency petition against the company before the National Company Law Tribunal (NCLT), alleging that the electric two-wheeler maker defaulted on payments for the services provided.

A statement by Ola Electric stated that ‘certain media outlets and vested interests have deliberately misrepresented it as a regulatory issue through misinformation and smear campaigns. This intensified after we discontinued contracts with two nationwide vendors managing our registration process as part of our strategy to streamline operations and drive profitability. Since then, a coordinated effort has been made to create confusion and trigger unnecessary scrutiny.’

Hero MotoCorp, the world's largest two-wheeler manufacturer, has now forayed in the electric three-wheeler and four-wheeler space by acquiring 32.5 percent stake in Delhi-NCR-based Euler Motors.

The company is set to acquire the stake for INR 5.25 billion through Equity Shares and Series D Compulsory Convertible Preference Shares. It is also open to acquiring more stake from existing shareholders through secondary sale.

It was in January 2025, Euler Motors had raised USD 20 million in debt from responAbility Investments. At present, Euler Motors has an integrated manufacturing and R&D facility in Palwal, Haryana. Spread across 500,000 square feet the plant with a production capacity of 36,000 units annually has been built with an investment of INR 1 billion.

This move, Hero MotoCorp shared was part of its vision to ‘Be the Future of Mobility’.

Dr Pawan Munjal, Executive Chairman, Hero MotoCorp, said, “Our strategic investment in Euler is a bold step towards realising our vision to ‘Be the Future of Mobility.’ This investment reinforces our commitment to accelerated growth through both organic and inorganic expansion, while highlighting the power of collaboration and adaptability in an ever-evolving market. As a global automotive leader, Hero MotoCorp is driven by sustainability, innovation and customer-centric progress. As we strengthen and diversify our presence in emerging mobility landscape, this investment allows Hero MotoCorp to venture into a rapidly growing electric three and four-wheeler market, while unlocking adjacent business opportunities and continuing to cement its leadership in the future of sustainable mobility.”

The company expects electric vehicles to constitute 35 percent of three-wheeler sales in the country. With presence in around 30 cities, Euler Motors has established itself as a serious player in the electric three-wheeler and four-wheeler segment.

Till date, Euler Motors has sold around 8,000 electric vehicles, which includes 3,536 units in CY2024 alone. As of FY2024, the company reported revenue of INR 1.72 billion, which was a massive jump of 251 percent, as against INR 490 million in FY2023.

Montra Electric’s e-SCV division, TIVOLT Electric Vehicles Private Limited, has inaugurated its first e-SCV dealership in Yashwantpur, Bengaluru.

This is the first e-SCV dealership in Karnataka, South India, and reinforces the brand’s commitment to expanding its footprint in the state. Strategically located at 45/4, Industrial Suburb, Tumkur Road, Yashwantpur, and managed by channel partner TVS Vehicle Mobility Solution Pvt Ltd, the 3S facility is designed to provide superior service and seamless ownership experience with advanced tools and cutting-edge infrastructure. Saju Nair, CEO of TIVOLT Electric Vehicles (SCV division of Montra Electric), and Madhu Raghunath, CEO of TVS Vehicle Mobility Solution Pvt Ltd, officially opened the new dealership in the presence of important stakeholders, including dealers, clients, suppliers and other notable visitors.

Nair said, “Karnataka is a key market for us, and we are excited to launch our first dealership in Yeshwanthpur. At Montra Electric, we are committed to pioneering innovation and sustainability in clean mobility. This new dealership marks a significant step in our journey, bringing us closer to our customers while reinforcing our commitment to high-performance e-SCVs. Through our partnership with TVS Vehicle Mobility Solutions, we aim to deliver tailored solutions and exceptional service, ensuring we meet the evolving needs of our customers.”

Raghunath said, “We are thrilled to collaborate with Montra Electric in establishing this new dealership. This partnership not only strengthens Montra Electric’s presence as a leading EV player in the region but also enhances customer access to reliable and high-performance e-SCVs. Together, we aim to expand our reach and deliver tailored mobility solutions that meet the diverse transportation needs of our customers.”