responsAbility invests up to USD 20 million in a leading Top 5 manufacturer of electric commercial vehicles in India

January 20255 min readClimate FinanceEnergy, Emerging Markets

Zurich/Delhi, January 15, 2025 – As part of its broader USD 500 million climate investment strategy aimed at actively reducing CO2 emissions in Asia, responsAbility is investing up to USD 20 million in Euler Motors, one of India’s top five manufacturer of electric three-wheelers commercial vehicles. This partnership supports responsAbility’s mission to mobilize capital and invest in solutions that generate positive societal and environmental impact in emerging markets.

Founded in 2018 in Delhi, Euler Motors produces electric three-wheeler and four-wheeler commercial vehicles designed specifically for urban goods transportation. Customers in e-commerce and logistics benefit from innovative solutions that combine performance with sustainability.1

Industry-leading electric three-wheeler

The HiLoad model, introduced in 2020, has set new standards in the industry. With a payload capacity of 768 kilograms, a gradeability of 21 percent, and a range of 170 kilometers, the HiLoad is one of the most powerful vehicles in its class. Additionally, it features a liquid-cooled battery that can be charged in just 15 minutes for a range of 50 kilometers—a groundbreaking innovation that enhances operational efficiency.

To date, over 7,000 HiLoad vehicles are operating in 15 Indian cities. Collectively, they have traveled more than 48 million kilometers and saved over 20,000 tons of CO2 emissions—equivalent to preserving 580,000 trees.

Innovative four-wheeler model with ADAS technology

In 2024, Euler Motors launched the Storm, a four-wheeler electric vehicle featuring advanced fleet management functions and integrated ADAS (Advanced Driver Assistance Systems) technology, such as collision warning systems. This model sets new benchmarks in range, efficiency, and safety.

Sustainable mobility as a shared goal

The investment from responsAbility will support Euler Motors in expanding its production capacity and strengthening its presence in Tier 1 and Tier 2 cities. At the same time, it will accelerate the transition to sustainable mobility solutions.

Saurav Kumar, CEO & Founder 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 have 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.”

Jay Bathija, Senior Investment Officer, at responsAbility, said: "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 goal 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."

Sameer Tirkar, Head of Climate Infrastructure Investments, APAC at 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. We believe in their potential to create a positive environmental and social impact by reducing carbon emissions in urban transportation. This partnership represents an impactful step toward a cleaner, more efficient future for India’s mobility landscape.”

responsAbility supports climate action in Asia

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.2 The rigorous “Climate Impact Assessment and Monitoring Framework”3 ensures transparency and accountability for the impact achieved.

About Euler Motors  Founded in 2018, Euler Motors is an automotive OEM based in Delhi, India, focused on electric commercial vehicles for last-mile cargo delivery. The company is dedicated to manufacturing and selling innovative and versatile EVs vehicles that cater to the evolving needs of both retail and institutional customers across various industries. The company has earned accolades such as the Apollo Awards in 2022 and Businessworld's Auto World 40 Under 40 Winners award. With a vision to accelerate the transition to electric mobility in India, Euler Motors continues to expand its operations and strengthen its presence across the country. The company aims to create superior alternatives to traditional mobility solutions, driving the mass adoption of electric vehicles.

About responsAbility Investments AG responsAbility Investments AG is a leading impact asset manager specializing in private market investments across three investment themes. These themes directly contribute to the United Nations Sustainable Development Goals (SDGs): Financial Inclusion, to finance the growth of Micro & SMEs; Climate Finance, to contribute to a net zero pathway; and Sustainable Food, to sustainably feed an ever-growing population. All responsAbility investment solutions target specific measurable impact alongside market returns.

Since its inception in 2003, responsAbility has deployed over USD 16.3 billion in impact investments. With over 270 employees collaborating across 7 offices, as of 31 December 2024 the company manages USD 5.4 billion in assets across approximately 300 portfolio companies in around 70 countries. Since 2022, responsAbility has been part of M&G plc, the international savings, and investments business, and contributes to enhancing M&G’s capabilities in impact investing.

1 All data, statistics, and statements related to Euler Motors mentioned in the following text are provided directly by Euler Motors. 2 Current estimate, calculated based on a USD 500 million fund size 3 Developed by responsAbility. The framework defines the specific methodologies and tools used to assess, measure, and track the impact of investments, ensuring alignment with global best practices and the fund’s objectives.

Contact

Richard Rogers
responsAbility Investments AG
+41 44 403 2151
media@responsability.com

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