In a significant boost to its growth ambitions, Enigma Automobiles, one of India’s fastest-growing electric two-wheeler manufacturers, has secured a ₹6.5 crore credit facility from the State Bank of India (SBI). The financial assistance, structured as a term loan and a Letter of Credit (LC) line, will empower the EV maker to strengthen its working capital, expand production capacity, and establish a stronger presence in major Tier-1 markets.
With this funding, Enigma Automobiles aims to scale up manufacturing operations to meet the rising demand for electric scooters and motorcycles across India. The company’s strategic plan includes expansion into key Tier-1 cities such as Bengaluru, Delhi, and Hyderabad, which are witnessing rapid adoption of electric mobility. The move marks a decisive step in Enigma’s mission to make sustainable and affordable transportation accessible to a broader audience.
Commenting on the development, Anmol Bohhre, Managing Director & CEO of Enigma Automobiles, said:
“This credit facility from SBI marks a significant milestone in our growth journey. It enables us to not only ramp up our manufacturing capabilities but also strategically enter Tier-1 markets, where the demand for sustainable mobility is rapidly increasing. Our goal is to make Enigma a trusted EV brand across India, and this support brings us one step closer.”
The fresh infusion of funds will also help Enigma enhance supply chain efficiency, optimise production timelines, and introduce more advanced models tailored to urban commuters. Over the next 24 months, the company plans to execute its Tier-1 expansion strategy, reinforcing its footprint in India’s competitive EV landscape.
India’s electric vehicle sector is growing at an unprecedented pace, driven by government incentives, increasing fuel prices, and heightened consumer awareness of eco-friendly transportation. Leveraging its strong presence in Tier-2 and Tier-3 markets, Enigma now aims to capture a larger share of urban EV demand by offering reliable, cost-efficient, and sustainable mobility solutions.
Through this SBI partnership, Enigma Automobiles continues to reaffirm its commitment to accelerating India’s transition toward green mobility while driving innovation and inclusivity in the country’s evolving EV ecosystem.
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