Enigma Automobiles has secured a credit facility of Rs 6.5 crore from SBI to expand into tier-1 cities, and a structured term loan LC to increase manufacturing.

Electric two-wheeler manufacturer Enigma Automobiles stated that it has secured a credit facility of Rs 6.5 crore from State Bank of India (SBI) to increase growth and expansion into tier-1 cities.

According to Enigma, the working capital support, to be structured as a term loan and LC (line of credit), will offer the company financial flexibility to boost manufacturing and strengthen its expansion strategy and goals.

Enigma also decided that to significantly improve its working capacity by ramping up manufacturing to meet the growing market demand. The organization will also channel this to help towards entering new tier-1 markets, including Delhi, Bengaluru, and Hyderabad, which perceive strong momentum in EV adoption. It targets to scale its operations and create a stronger presence in the country's rapidly evolving EV ecosystem over the next two years.

According to Anmol Bohhre, MD and CEO of Enigma Automobiles, this credit facility from SBI marks a significant milestone in our evolution journey. It supports the company in its manufacturing capabilities and also strategically enters tier-1 markets.

Their goal is to make Enigma a trusted EV brand across India, and this sustenance brings them one step closer.

The company specified that 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 quality, affordability, and reliability, Enigma Automobiles has already established operations in Tier-2 and Tier-3 cities and plans to expand into Tier-1 markets as part of its ongoing growth strategy.