Enigma Automobiles secures ₹6.5 crore SBI credit to expand into tier-1 cities

Enigma Automobiles, an Indian EV two-wheeler manufacturer, has obtained a credit facility of ₹6.5 crore from the State Bank of India (SBI). The working capital, provided as a term loan and an LC line of credit, will help fund the company’s production and expansion plans.

Enigma plans to use the facility to increase production capacity and enter Tier-1 cities including Bengaluru, Delhi, and Hyderabad. The company intends to implement this expansion over the next 24 months as part of its strategy to strengthen its presence in India’s EV market.

Speaking on the development, Anmol Bohhre, MD & 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.”

India’s EV market is growing, driven by government initiatives and increasing customer interest in electric mobility. Enigma Automobiles has previously established operations in Tier-2 and Tier-3 cities and plans to expand into Tier-1 markets as part of its ongoing growth strategy.

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