Enigma Automobiles, one of India’s fastest-growing EV two-wheeler manufacturers, has secured a credit facility of INR 6.5 crore from the State Bank of India (SBI). 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.
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, cities that are witnessing strong momentum in EV adoption. Over the next 24 months, Enigma aims to scale its operations and establish a stronger presence in India’s rapidly evolving EV ecosystem, furthering its mission to make sustainable mobility more accessible.
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 adoption is gaining momentum with increasing government push, customer awareness, and the need for sustainable urban mobility. 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.
The company is committed to rolling out this expansion plan within the next two years while continuing to deliver eco-friendly, cost-efficient mobility solutions to Indian consumers.