Enigma Automobiles Fuels Expansion with SBI Credit Boost

Electric vehicle maker Enigma Automobiles secures Rs 6.5 crore credit from SBI to enhance production, target tier-1 cities, and tap into the growing EV market. The company aims to strengthen their presence in India's evolving EV sector over the next 24 months.

Electric two-wheeler manufacturer Enigma Automobiles has announced a significant financial milestone, having secured a Rs 6.5 crore credit facility from the State Bank of India (SBI). This strategic move is set to boost the company's expansion into tier-1 cities, enhancing its production capabilities to meet growing market demands.

The financial support, structured as both a term loan and a line of credit (LC), aims to provide Enigma with the necessary flexibility to fast-track production and solidify its expansion plans. Enigma's focus will be on entering vibrant tier-1 cities like Bengaluru, Delhi, and Hyderabad, where electric vehicles (EV) are seeing increased adoption.

According to Anmol Bohhre, MD and CEO of Enigma Automobiles, this partnership with SBI signifies a crucial step in the company's growth trajectory. The firm is keen on establishing a significant foothold in the rapidly evolving EV landscape over the next two years, leveraging affordability and quality to capture the tier-1 market.

(With inputs from agencies.)