Delhi-based electric mobility manufacturer Euler Motors has joined hands with Shriram Transport Finance, an asset financing company, to provide accessible retail financing for its HiLoad EV.
With this partnership, the company aims at the deployment of the electric cargo loader with lower interest rates and high loan to value (LTVs) for customers in retail across the country.
The company, in a statement, said that it will utilize STFC’s financing and segment expertise in the transportation sector in its bid to deploy over 20,000 EVs in the next two years.
Saurav Kumar, Founder and CEO, Euler Motors, said, “We are thrilled about having STFC on board with us. Their expertise in asset management and customer know-how will help us deploy EVs at scale across our target markets. Together, we aim to make the Indian commercial vehicle segment progressive and emission-free.”
This also marks STFC’s first association with a commercial EV company in India.
P Sridharan, Joint MD, Shriram Transport Finance said, “The partnership with Euler synergizes with our approach in the EV financing space and is part of our overall strategy to provide finance to the entire e-commerce logistics supply chain ecosystem.”
Umesh Revankar, VC & MD, Shriram Transport Finance said, “India’s logistics industry is embracing EV wholeheartedly and adopting it at a faster rate than expected. Our partnership with Euler would encourage customers to engage in the last-mile delivery of goods. As Euler strengthens its infrastructure, STFC would complement it with financing solutions.”
The Euler HiLoad EV, launched in 2021, comes with a 12.4 KWh active liquid-cooled battery technology, a maximum range of 151 Km per charge and the highest payload capacity at 688 kg.