Enigma Automobiles secures Rs 6.5 crore credit facility from SBI

Mumbai, Oct 13 (PTI) Electric two-wheeler manufacturer Enigma Automobiles on Monday said it has secured a credit facility of Rs 6.5 crore from State Bank of India (SBI) to boost growth and expansion into tier-1 cities.

The working capital support, structured as a term loan and an LC (line of credit), will provide the company with the financial flexibility to accelerate production and strengthen its expansion strategy, Enigma said.

With this credit facility, Enigma plans to significantly enhance its working capacity by ramping up production to meet the growing market demand. The company will also channel this support towards entering new tier-1 markets, such as Bengaluru, Delhi, and Hyderabad, which are witnessing strong momentum in EV adoption, it added.

Enigma said it aims to scale its operations and establish a stronger presence in the country's rapidly evolving EV ecosystem over the next 24 months.

"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," said Anmol Bohhre, MD and CEO of Enigma Automobiles.

India's EV adoption is gaining momentum, with increasing government push, customer awareness, and the need for sustainable urban mobility, the company said.

With its strong focus on affordability, quality, and reliability, Enigma Automobiles has already built a robust customer base in tier-2 and tier-3 cities and now aims to capture a larger share of the tier-1 market, it added. PTI IAS BAL BAL